Contracting a Deal - HELP

[Steven Mendoza]

Hello BiggerPockets family!

My wife and I are new to the forum and have been listening to the show over the past six months, and we have been motivated by all the success stories from you all! Congratulations to your continued success.

That said we would like some guidance on crafting a contract where we would partner with contractor to go in on a flip together. 

Context: My wife is in real estate annd we anre in the Houston market.  We have  friends that are contractors. All groups have mentioned, wanting to try our hand at flipping independently, and I thought why not do it together. 

They would be putting in some money and their service as sweat equity, and we would be putting up money and my wife’s services. 

Is there a good ratio that is fare? 

What models have you all found success with?

What were some mishaps along the way in terms of the contract?

I know you all are all very busy and I appreciate your time, and we look forward to hearing from you!

All the best,
Steven