Please help!!! What is a good percentage for Private funds???

[Jamie Wooley]

So here is the scenario...I have recently just got into the REI world. I got my RE license, set up my company and educated myself on flipping homes. I have now signed a contract on my first deal and close on Nov.20th. My father with whom I am as close as you could ever be just to give a little background is going to be my private investor. He will be putting up all of the funds in my account for the entire purchase and rehab. This will be his only function. We have talked about this around five times and he still is not sure what he wants to do as far as a percentage or a cut of the profit. Now that I have a contract pending I want to make this as professional as I would with anyone else and determine the loan arrangements.

So my question would be for anyone that has had experience with private lending with a family member, or anyone else for that matter.  What is fair for both parties involved in this situation where he is bringing all of the money to the table and I am doing all of the work?

All help and advice is much appreciated.