Structuring Partnership as GC & Investor

[Lisa B.]

1st Rehab/Flip:  We are a GC and about to sign to purchase house with a partner. We are both putting in equal initial cash investment for purchase and costs (property taxes, insurance, utilities) for a  est.10 month hold. We will be funding the construction costs (materials/subs/our worker's pay). How do we structure the money/profits? Get reimbursed for costs after sale? Construction costs added to our investment therefore higher percentage of profit?  Partner is open to any method we choose.