Investor / Builder type contract?

[Christian Lincoln]

A home builder is partnering with an investor to build a spec home. Investor will be financing the construction; home builder will perform the work. They plan to split the profit after the sale. What is the best way to structure the deal to protect both parties? Should they put 50/50 down on land? If investor pays for everything, how is investor made whole before profits from sale, etc? What are the specific clauses to include in the contract for this type of arrangement?   Investor paying cash and/or borrowing, and keeping track of everything and Builder doing all the work.  Thinking there should be 10-15% GC salary for contractor. But how do we deal with paying subs for example and does investor get full investment plus interest back before they both split the profits at the end. Does the fact that they are a "couple" simplify things or complicate them? We don't want to ruin the relationship but also seem to work well together on projects. Thank you.