Flipping a house with contractor friend

[Nick Bleser]

Hi Folks! Has anyone teamed up with a contractor to flip a house? My friend does great work and I have the capital to do a deal. How would we structure our partnership so it's even? Does his time equal my down payment on the house? I'd also need to put the money down for the rehab costs. 

If someone has done this I'd love to hear how it worked out. 

Thanks!