How would a RE investor partner with a contractor?

[John Arendsen]

This is a very important issue for me inasmuch as we're talking about a good amount of money.I'm making an offer on a commercial property and we're bringing in a general contractor as one of our partners. 

Assuming we all match funds on the all cash purchase and related costs and the contractor will be doing the rehab/remodeling should he be allowed to add in a profit multiplier for his work? Or should he just do the work for his labor and material costs and realize his return on the cash flow ROI of the investment?

I can see this getting a little icky sticky down the road when we go to sell inasmuch as we would all be factoring in his improvement costs when splitting up the loot from the sale. We would be adding his cost into the overall talley which would be a deduct from the profit.

If we split evenly 3 ways (3 partners) then he could benefit from the profit for his services if he's allowed to add profit onto his work. Hope I'm making sense.