How to calculate partnership split profits.

[Tuan Dang]

Hi I am new to this, a partner and I are looking to purchase rehab and flip properties In Houston.

My partner will bankroll the whole thing cash and that is it. I will be in charge of getting contractors to rehab and what ever else is needed.

If we were to split the profits 50/50 , how do I calculate the correct total profit . I know it can not just be as easy as  SoldPrice-CostofHouse-repairs = profit/2. I just want everything to be fair for my partner.  Taxes,agent ,ect. 

Thanks in advance