Partnership on Fix n Flip deal

[Jared Standiford]

Hello All,

I have a question concerning a possible fix and flip deal that I may be involved in.  I am working with an experienced fix n flipper who has over 50 flip deals.  He picked up a house local to me and I pitched the idea of a possible partnership between the two of us on this deal.  Myself with no fix n flip experience and he has a lot of experience.  The property was picked up at $230k, needs about $40-$60k in rehabs.  I offered to contribute $25k to the deal, and run the job (ie meet with contractors, get bids, make sure jobs are getting done in a timely manner, etc.  He has the deal funded, and is considering working with me.  My question is, taking into consideration my contribution to the deal, running the job, and my little experience, what do you think would be a fair way to structure this partnership?  What would be a reasonable way to split the earnings?  Any advice is appreciated.  Thank you