Flip Investor/Contractor relationship split

[Steven Satterlee]

Hey everyone-

I have a partnership questions, I just purchased a home to flip. Here's the scenario:

I am the Realtor/Investor (all cash)

My contractor partner is going to act as the General for some items (plumbing/electrical/HVAC/Roofing/garage door/carpet) and will do the other work himself(roof tear off/siding/5 windows/exterior trim/interior trim,minor interior framing/1 full bathroom rehab/, ect.). He brings no cash to the table.

He also will hire a general laborer to help him for $10/hour and want's that to come out of the total rehab budget. This general laborer will help him with anything needed plus cleanup.

He will also be hiring for landscaping, fencing, and final cleaning.

We will be hiring a designer to help with colors, staging company to stage the home and I will run numbers to re-list.

The house was built in 1925, it's 960 sq. ft, Purchased for $76,000, ARV $125,000-$135,000. The rehab cost will be about $25,000, this doesn't include the cost of his labor. Our anticipated profits after all numbers are accounted for will be between $20,000-$30,000.

Our tentative split will be 50/50. So $10,000-15,000 each.

Numbers are kinda slim but it's the first one.

What are your thoughts. Is a 50/50 split good? I feel like it's more than generous on my part since I worked on the acquisition, am the investor (all cash which helps pad the numbers a bit) and will be the listing agent.

Any input is greatly appreciated. Thanks so much!