What kind of agreement should a flipper get from their investor?

[Dina Fantegrossi]

Hi there!

I am hoping some more experienced flippers and/or investors can help me out on this.  My husband and I have an out of town investor who completely funds our flips.  We select the homes, attend the auctions, do much of the work ourselves and oversee the rest.  So far our compensation has been the sales commission at both ends of the deal ( we are real estate agents) and hourly pay for the work.  Since we have no capital of our own I feel like this is fair, and I know the investor is trusting us, but we have nothing in writing.  If she were to decide to use another agent OR simply not pay for the work, we would be SOL since there is no contract.  My husband is afraid to offend her by asking for an agreement in writing.  Please weigh in, I'm open to all advice!  We'd love to get to the point where we don't need investors, but until then I'd appreciate having some protection for the work we have put in!