Structure Partnership for Building

[Cris Faith]

My friend owns 8 lots in West Texas that I can build a , 3 Bed 2 Bath SFR with cashflow $400 to $500 on each. He has no money to contribute, only knowledge, and contacts. The land value is $3000 to $5,000 a lot. How would I structure a partnership? What would be a reasonable distribution of profits? He wants me to set this up in one of his corporations.

Ultimately, it would be difficult to go at it alone, even if I bought the land from him. 

[Cris Faith]

I appreciate each of you for taking the time to share a detailed perspective and developing my mindset of what is a true partnership.
This is the 3rd time a "friend" has tried to leverage my cash and good credit for sweat equity with a piece of the cash flow (while I carry the risk).   Your questions are wise..  with my DYI mindset and his business savvy, this won't end well for me.  Now I understand a few of the key components for success.

Thank you!