buy & flip as parnters, refi buy and hold to single partner

[David Wolber]

Partner one has funds and only wants to flip. No real construction ability.

Partner two is cash poor, fantastic W2 and has contracting ability to perform flip with desire to buy and hold.

Am I all messed up here or could it work out like this:

Partner one finances down payment and both get leverage. Partner two puts in lots of the sweat equity into the property. Then once completed, refinance into conventional loan in partner two's name with cash out for partner one.

So could this work provided the property would cashflow post repair?

What would a decent rate of return be for partner one who put in all the initial cash?

I see this is a good deal for partner one because it is a garenteed buyer after the flip.

Thanks!