Profit Split question

[Devin Borders]

Hey everyone! I'd love your business insights on a partnership I'm considering. 

I'm thinking about going into business with a friend who is a custom builder and curious to know what the industry standard is for the business arrangement given our potential situation. To make a long story short, I would be in charge of raising all capital and handling the money. I have a full time job as a CPA so I wouldn't be able to be boots on the ground as much as I'd like in the actual construction. He would be in charge of building the home and acting in a builder/GC capacity. I like the idea of a partnership where he builds these higher end custom homes for his cost. My wife is also a realtor and would be buying the lots and selling the homes taking little to no commission.  The goal here is to align everyone's interests in getting the projects done quickly and efficiently keeping costs as low as possible. The outcome would be a sizable profit margin to split up between myself and the builder. Is this something anyone has heard of before. Does it make sense to have that 50/50 split, or am I way off base? I would really appreciate the community's thoughts on this one. Thanks everyone!