How much do you typically pay private investor/lendor

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Looking to do some fix/flips when the time is right, and looking to get ducks in a row now for when I find a deal and when I feel it's stable enough to do so. 

I have friend with large amount of cash, and has offered to back me in some flipping transactions.I have some cash myself, to pay for renovations and possibly even a portion of the home. 

But for ease of the question, let's assume he fronts the money for the entire project. He lives across the country, and wouldn't be participating other than the money aspect. Acquisition, rehab, selling, all would be on me. 

What is a fair return for him? In this situation is it most common to pay interest to him on the loan? Or a combination of interest and profit in the deal? Or more of a partnership where we split the proceeds. I want to make it fair for him, with out making it not worth my time also.