Private Money Lending Structure

[Account Closed]

Hi everyone!

I'm new to the RE world and just became a RE Agent as well.  I want to start fixing and flipping with a family/friend who will be the financial backer.  

What is the best way to structure a deal with them if they will be fronting all of the money and I'll simply be the project manager/RE Agent on the deal? 

So as the RE Agent on the buy and sell I'll technically be making money on both the buy and sell of the property ... won't be much but it will be something.  And the family/Friend will be putting up all the money for purchase and construction costs.

Is there any specific way to structure a deal like this?  If we end up selling the house for a profit, would be split those profits 50/50?  It just seems like the person putting up all the money should make out better on the deal.

Any help would be much appreciated!

Thanks