Partnering with a Contractor

[Hai Loc]

I wanted BPs opinion on partnering with a contractor and if there are any nightmare stories 

The contractor I know finds the deal, puts it under contract and he can either wholesale it to me or we can partner. I told him I am looking for a flip. Terms of partnership has not be disclosed yet. 

This is what I propose..

50/50 partnership.. I am an equity partner.. contractors rehab and project management fees are absorbed in the profit.. 

Just wondering if this is fair.. the fact that he is finding the deal kind of doesn't..

At the same time if I pay for a finders fee I should be able to profit more alone but I am not greedy.. and having a partner watching over everything has incentive..

Thoughts are appreciated..