Opinions wanted: Should I accept a JV request? Maryland - County

[John Lopes]

Good morning All.   I am looking for opinions.   We have been investors for years.  Have never done a Joint Venture.  I was asked by a new investor to possibly do so.     They are bringing the project.  (Decent, solid deal, needs a good amount of work.  Just what we normally do.  Round Numbers are roughly Purchase $230K,  Fixup $110-120K,  Retail $550K - will be marketed first of february 2018 if it goes as planned)  I will provide the funding, and my own Crew, and Network of Subcontractors, marketing etc.  In exchange for a split on profit - 65% us - 35% them.  New entitity (to be created), I will control 60%.  They are not really wanting to just flip me the project.    

I could;

A)  Do the deal.   

B) Pass

C) Maybe charge some sort of management fee upfront maybe, or some upfront, and a profit percentage, and walk them through the process, start to finish using all my resources. (Including $$)   If so, what sort of upfront fee, and back end percentage is fair?

Thoughts?