What do you think about this Joint Venture structure?

[Paul Etchison]

Currently, I engage on flips with my brother in laws who own a construction company. I have zero construction experience. We formed an LLC and split profits 3 ways. I want to reposition some multi units and am looking at two in particular that I have potential. I don't have construction knowledge so I am scared to do a deal without them. They don't have good credit or the money to fund the deal. I do.

I was thinking,  I buy the property 100% in my name, all rents and income will be mine while we are holding,  they will provide the GC work and I will pay them for it a normal rate.  Then...on the sale,  We split the profits of the property (50/50),  but out of their 50, they have to reimburse 50% of the GC and improvement costs.

I think this is fair as they have zero risk (no money in), get a job to do and get paid for,  yet they have incentive to keep costs down and improve value as well as help me plan whether or not it is a good deal at all.  

What do you think?  Anyone have a better arrangement similar to this? Does this seem fair to you?