JV for spec home deal details?

[Brady Ewell]

I am a custom Homebuilder looking to build a spec home in my area. I have an investor who will put down the money for a lot if I get the construction financing but we haven’t worked out the return details.  Few details about the project:
lot: $400k (cash from investor)

Construction costs: $1,300,000 (financed) 

Potential sales price: $2.5-$2.7 million. 

timeline: 2 years 

Looking for some advice on what type of return an investor would be looking for on this type of deal. Fixed return? Profit split? Any advice is appreciated.