Partnership with Realtor - Need help with Structure

[Ronda R.]

I live in California. I am a fairly new investor. I purchased a couple of rentals end of last year in Ohio. Love my realtor. She is an investor and has 20 rentals all in the sub 30k market. She has a crew, which includes her husband, that comes in and rehabs the houses and then she rents them out for me. She has not charged a fee for overseeing the work on the rentals I have purchased, just billed me for the work done and charged me for 1/2 the first months rent for placement. 
I am switching it up and trying a flip. I found a house purchasing for 42k in a neighborhood of 130k houses. It will need aprox 25k to fix for resale. I am wondering how those of you with experience would work the split. In my mind she gets to keep the commision (which is minimal) for the purchase, she will keep the commision when selling, I will pay for all the work done including supplies, and we split the profit 50/50. I will be flying out to inspect the property and possibly do some of the work, (i.e. rip up carpet, paint, shop for a cabinets, tile, carpet etc.) and will deduct the cost of my visit from the profits.
Need feedback from you wise ones. @Dell Schlabach

On a completely different note: I did just read that instead of flipping immediately it should be rented out for a period of time so a 10/31 exchange can be used when selling. What would be that time frame? 6 months, a year?