join venture

[David Shue]

We have this deal under contract contingency on house inspection. this is a flipping project Purchase price $410 and seller will contribute $10k at the closing. the estimate of renovation is $80-100K. The ARV $625-650. The deal maker ( realtor ) will do everything ( buying, rehabbing and selling ) but not put in money. Party 2 will purchase the SFR ( VA ) with 5% down conventional loan. I will fund the renovation with my own money. Carrying cost $2300/month. Net profits shares 20% ( realtor ), 40% purchaser and the rest 40% for me. How the JV agreetment should be written so everybody's interest is protected ? Am I putting myself in a position of risking my investment? What things could go wrong? any advises would be appreciated.