First meeting with an investor this evening! Guidance needed.

[Kelly Rompel]

Hi BP community! My husband and I are newbie investors and I am recently licensed. We own 2 rental properties and are in the process of our first flip. We have an investor who has money to invest but no experience, and is interested in working with us. Our first meeting is this evening. I am in need of a little direction. What does a typical deal with an investor look like? At this point I'm not even sure either us or the investor knows what a fair offer is and how to go about coming up with a plan that works for both of us. Can you share in your experience, is it easier to pay a percentage monthly or share profits? How does the deal work differently when you are investing in rents vs flips? I appreciate all your feedback very much! 

Kelly