Benefits of using cash buyers

[Jackson Beazer]

Hey Guys! 

First time poster here. I had a question about the benefits of cash buyers for flip properties. I'm looking at different ways to fund new projects, and I've heard about the strategy of finding a cash buyer to pay for the property in cash, then I do the work, and we split the profits. That way there's no debt to worry about, but we both profit. We can do like a 70/30 split, where I get a finder/management fee of 30% of profits and the cash buyer gets 70% since it was their money. It would minimize risk, but I can still profit by just doing the part I'm good at.

Is this a common practice? What are the pros and cons of this strategy? Also, if it's possible to totally cash-fund the entire purchase and rehab debt-free (this guy has some big pockets for sure), is that better than taking on debt in the form of a loan?

Thanks guys,

You're all champs