Joint Venture Advice - Contractor & Realtor joining forces

[T.J. Fiorillo]

Hello all, looking for some advice as I start to venture into the investment world.

I'm kicking around a partnership with a contractor that I know. He's a nice person and is talented but we have not yet worked together.

The plan:

I am identifying on/off market properties that are targets, will do all of the real estate work (listing, showing, advertising, vetting, etc) and will split the cost of the purchase of the home and the material costs for any needed repairs.

The contractor will be subbing out portions of the job and be on site mostly full time until the project is completed. He will take the other half of the cost to purchase the home and the material costs for repairs.

How have you structured your arrangements with contractors? He's obviously half of the partnership and will be doing a bulk of the renovation work.  As a partner who will be getting a payout at closing day, how much should he be compensated for his labor and should I be compensated for listing the homes? Curious to hear what others have done. TIA!