How to structure partnership with my contractor on a flip?

[Josh Lawlor]

I recently called my contractor (who renovated my primary residence several years ago) about a new potential project (single family fix and flip) and he suggested we consider partnering on the deal.  

I'm wondering how other investors have structured partnerships with their contractors on flips. Who pays for what? How much contractor sweat equity is worth, etc.

Would appreciate any insights, suggestions, and lessons learned.

Thanks,

Josh