How should I structure a joint venture with GC?

[Vee Vu]

Hi everyone, I'm planning on doing my first flip, and I don't know much about renovation. I found a good GC with great references. He agreed to help me out if we split the profit (70% to me, 30% to him). I will put my money in for down payment (hard money lender, this is his connection). He will get paid for the renovation job, and plus 30% of the profit. He will show me the process of doing flip, and teach me as much as possible. 

Will this be a fair deal for both sides? I just feel like I'm taking all the risk here, because his renovation job gets paid for sure, no matter what, and the profit is a bonus for him.

Should I ask him to contribute a part of down payment (how many %)? or closing cost? or a part the renovation cost?

Thank you!

[Jesse Daconta]

@Vee Vu

There's a conflict of interest with the GC getting paid for the renovation. It would be better if the GC was getting reimbursed for only materials at sale + 30% profit. In this case they would put in sweat equity and you would put in a down payment (not to mention that you take all of the risk with hard money).

Best,