Introduction and partnership terms question

[Karl Kaeser]

Hi everyone!  My name is Karl and I'm very excited to be writing my first post in the bigger pockets community. I've been listening to the podcast for months and love it and have been studying real estate and feel I'm ready to jump in. 

I'm in the Bartlett, Illinois area and am a tennis director at the local park district. I love my work but need to save my body for the future and need other ways of making income with my brain rather than my body. I found out yesterday that one of the guys I talk to at the gym is a real estate investor with his own real estate brokerage. We talked extensively on doing a partnership deal on 1 flip as of now, but possibly more in the future. I will be providing the financing for the property through a heloc on my current home which is paid off, and my partner will be; finding the deal, finding the title company etc for purchase, organizing the contractors, and selling the property.  Since its my first deal and I know I have the knowledge, but not the confidence, I feel much safer with having him help me through this one. I will be actively involved since I want to learn! But he will be doing most of the work. We're meeting tomorrow to discuss the terms of the partnership for this single flip. 

My question is' what type of terms would you suggest for this type of partnership. I was thinking 50/50 split of the net profits after it sells but I'd really like to hear your suggestions. I am new to this and any help would really be appreciated!

Thank you and I look forward to becoming a bigger part of the bigger pockets community!