50-50 partner for flips? Is this worth it?

[P.J. Bremner]

I recently came across an opportunity to flip homes with a partner and I wanted to run this through the BP experts to get some feedback.  Here is how it works:

1. Find a deal (through whatever preferred method) that fits within their criteria
2. Contract the property using and or assigns and sell the contract to the partner
3. Participate in the management of the flip project (They have a GC that has guidelines to follow, has done tens of flips already with these guys and they use the same process each time, so personal involvement in the flip would be minimal)
4. Split the profits after it sells

Some quick numbers to keep in mind for their deals:

• They need to see a 15% - 20% profit margin in the deal to take it on
• All costs of the deal are subtracted from the proceeds, THEN the 50-50 split happens.  They borrow private equity to fund the deals @ 15% no points, no doc fees, straight 15%
• I am allowed to wholesale the deal for more, as long as the profits fit within the aforementioned margin
• I am allowed to keep the listing for myself (I have my license) and sell it at 2.5% commission

My dilema is this: I have enough cash for 1 flip at a time currently.  If I do the flip on my own, I risk my own cash, have no extra guidance and can only take on one project at a time.  On the flip side (no pun intended), if I give up 50% + holding costs, I have 0 risk of loss, still get to keep a wholesale fee (if I get a good enough deal) and have lots of experience behind me from the partnership.  

Anyone see any red flags, offer some tips or guidance here?  Would love to see what you think.  Thank you in advance!