First Time Deal Split And General Partner Advice

[Justin Pumpr]

Hi all! Thanks for taking the time to read this. Hopefully you can all help convince me this is either a great deal, or a terrible idea.

I have a potentially great deal that was brought to me by a member of BP. I contacted them after seeing one of their posts and we got talking about what I was after and they mentioned that they have a deal that they are looking into. We chatted for about an hour on Wednesday and they seem genuine, but I haven't had time to vet them properly. The offer deadline for the property is Monday morning and that doesn't really give me any time to do my due diligence, so this would be a leap of faith. They've shown me properties they've done in the past (or at least an email detailing them), but I haven't seen any official documentation. I don't even think we'd have time to get an attorney to look over any agreement that we sign.

The property itself sounds great and I could easily take home >30% when the deal and reno is done. ($50k purchase with $20k reno with an ARV of at least $100k). It would only require about $35k of my money, but that's the majority of my investment fund. The partner has also done all of the leg work (finding the deal and researching it) and will be doing all of the renovation as they also own a GC company). For this, they want 65-35 split of the net profits and operating income with a 50/50 split on the investment.

 I'm generally pretty risky when it comes to things like this and it's never really hurt me, but with this sort of money involved I'm more hesitant to jump into something when I haven't even met this person.

So, lovely BP folk, is this good idea, or terrible idea? 

Thanks!