How much to pay for a joint effort investment

[Leland S.]

Hi folks, 

I started a joint investment plan with a party but didn't really think through terms much, now that I own a place and am spending money I'm thinking twice about the deal I made. Wanted to get your input for what kind of deal sounds fair to you to assess how I should proceed with my joint party in this effort. 

Say you have a close family or friend in another state where you know the market is good and you'd like to have them find you a place to invest in then find contractors to fix it and you would just be checking in on the job. How much is fair to pay them in terms of % of the flip profits or salary or otherwise. How would you structure a deal? You're providing all the capital, incurring all the investment risk, and providing all the spending accounts to get the job done. 

Assume the person is a trustworthy friend or family - but you've never done business with them and they have zero experience in real estate whatsoever. 

Say break it into: finding a house, finding materials to use, finding contractors, monitoring the contractors, paying the bills (with your credit card), cleaning up the place for listing on the market.

Now to add some personal details:

The person finds the house on the MLS through a website listing after looking around with various real estate agents for a few months. In addition you've offered to pay them for painting services because they good at painting. Then they finally do (after two months) find a contractor who seems good and knows where to get material and needs very little direction.