Figuring out how to work with an investor

[Marni Blank]

Hi All,

I've been approached by an old colleague who wants to go into business with me buying and flipping and/or buying and renting properties in Upstate NY.  He would provide the funds and I would find the properties, rehab, design and manage the properties- and then get a portion of the profits upon selling.  I would not be personally managing the property, I'd be managing whoever we hire to property manage. 

I'm wondering how one would set up a deal like this- I'm not sure how much I should charge or expect to make on the front end to make it worth my while, while understanding I'll get a percentage on the sale.  

1.  Is there a formula or some suggestion on what I should consider reasonable for my time and effort on the front end to manage and oversee all the work (he plans to be entirely passive)

2. How much should I ask on the percentage of profit? He suggested 20% after he recoups what he invested.

Thanks!

Marni