Partnering on a flip

[John Morgan]

I'm thinking of flipping houses with a builder/handyman. I told him if he could find good off market deals, I would finance the rehabs. I told him I'd be interested if we could split the profit 50/50. But all I am is the money guy. My wife won't let me do this unless I promise her I won't work on it or be away helping him. I just finance it. Then we'd take 24% off the profit for taxes, subtract all the expenses and divide the left over profit 50/50. Anyone see any red flags with this? Or have done something similar? All the risk is on me since I'm putting the properties in my name or LLC. This guy already found an off market property for a great deal in an upcoming area that I like.