How to structure JV need funding for purchase and rehab

[Cindy Bowman]

Hello BPs,

My husband and I are looking to do our first fix and flip and have located an off market property in a very hot area for rehabbers in Charlotte.  My husband is a licensed GC and I am a licensed agent. He has 30 years of remodeling experience and in fact has been working primarily for investors doing their rehab so he knows cost and schedules.  Problem is we took a big hit when the market tanked and so did our credit and savings. We have a line on some investors who might be willing to partner but before we pursued this angle Vs hard money lender I wanted to have an idea on how we might structure the deal. 

The investor would need to finance purchase, rehab and carrying costs. We bring the actual property the rehabbing and the resale to the deal. Do you think requesting 50/50 split of net profit is fair?  My husband would not markup costs and I can save 3% on the listing side.  The investor would not need to invest much of their time as we would handle all the day to day needs.