Investing with someone else's IRA money.

[Nikita Khambe]

I am a Realtor in Texas and I have a client who is interested in flipping properties but wants me to buy, flip and sell properties and give him a return. The client has agreed to make down payments on all the projects with his IRA money and the balance will be leveraged using a mortgage that I will be borrowing as an LLC. Few questions I have are:

1. Do I need a side contract with the client? Terms?

2. What share of profits should I keep so that I can pay taxes on the income made?

3. Do I need a separate LLC to invest/work with IRA investors?

Am I missing anything important? 

Thank you all for your answers and time.