First Joint Venture for a Condo Flip and Hold

[Charles Wang]

I am wondering if this is a fair deal compared to how you guys structure partnerships.  I am the investor and am responsible for only the 30% down payment and he is getting a loan and taking care of all other costs including rehab and closing costs.  He will be managing the property.  We are looking to rent for the long term.  I would receive 30% net rent monthly and 30% equity in the property and receive a check every month.  My cash on cash is around 15%.  Is this a pretty standard deal?  What terms should I put in the contract?  Thanks!