Do these investor returns look right?

[Chris McClure]

I am about to make an offer on my first flip with an investor / partner. I found a deal where the total purchase price and reno totals $450k. I am using my partner's cash, no bank at any point, so plan on closing fast and getting it back on the market in 3 months (so probably 6). I am offering my partner an 8% preferred rate of return ($36k) plus 50% of the net profit defined as;

(Sale price) - (their initial investment, commissions and their preferred rate.)

With conservative assumptions on the ARV, they are poised to make a total of 30% return (I am getting in LOW…fingers crossed).

Does this look right? Am I bleeding money on this deal? I would really appreciate any feedback. Thanks BP!!!