Contractor working for % of Net Profit- Anyone done this?

[Alexandra N.]

Hi Everyone, 

I have a fix and flip property that I purchased. My contractor and I have a good relationship and we have decided to work together on this property that I fully own. I will pay for all reno costs directly to all his subs, but he will fully manage the job. Every cost would be 100% transparent. At the end the contractor would get a % of the NET profits. 

The benefits to me is that I can learn costs directly, he pulls permits, takes the workers comp and liability risk mostly. And he will not be compensated until AFTER the home is sold at closing. This leaves skin in the game for him too to ensure we have % left so he gets paid. 

Has anyone ever done this? 

Anyone have a contract I could modify to just specify some responsibilities and terms?