Joint Venture with hard money vs borrowing

[Helen Shaw]

 I have spoken with a hard money lender but am still a little confused. He wants me to a joint venture which means he will fund the project 100% and do a 60/40 split if i get it done in 4 months. If it takes longer its a 50/50 split. He says this way I don't need to make monthly payments but still need to come up with 10% down. Does this mean that i would only owe him the 40% at the time of resale and no other money is due him? He is kind of a fast talker and kept jumping around.Is it as simple as its a flat 40% at the end?

The second part of my question , am i better off doing the 100% or would it best to borrow it and pay 12% plus 4 points? The bid I am putting in is for 100K repairs are 20K, ARV is 170K