Approaching an owner as a partner?

[Matt Rick]

I'm relatively new as a investor and have a single family rental, however my wife and I would like to try flipping a house to see if it is something that we would like to do more of instead of rentals.  

Now my question comes in.  Would it be completely out of line to approach a homeowner of and older house that may be on the market with an offer of becoming a partner?  

Instead of finding an investor, could you foot the bill for a remodel and curb appeal update and then split the profit from a higher asking cost? All under contract of course.  

Thanks for the input!

Matt