Private money presentation

[Dan Favor]

FYI, I have been though tons of posts on OPM just looking for something a bit more specific.

I have been approached by an old friend wanting to invest in a SFR rehab.. (flip not hold) with him being a 100% financial partner. Basically,his contribution to this joint venture will be nothing but putting up all funds needed from start to finish and we split total profits 50/50 at close when sold. I would be responsible for everything else.I feel this would be fair for both of us seeing that it is our first deal together and it is a great way to gain credibility. What I am looking for is to put together an initial letter to him ( and his wife) that lays out (the easiest way) these deals are structured. My number one priority here is his comfort and protection. He knows I have done profitable rehabs in the past and that's a good thing but this will be my first with private funds. I'm hoping there is a link out there that I missed on THIS scenario,I have spent hours looking. Thanks for any help..