Profit sharing with contractor in your business?

[John Ma]

Hey guys, I'm currently honing my business model. The current contractor i just partnered with I have a lot of confidence in continuing to do repeat business with. He has shown interest in becoming a REI as well (even though he already is but doesn't realize it).

We have had talks about building our businesses together but havn't come up with any real proposals on how to.

I was thinking something along the lines of if I lock down the deal (at my cost), he would have his guys rehab the full turn over (at his cost) and we would split the profits.

Has anyone tried a relationship like this? If so, did you end up going back to Investor - Contractor relationship or continue the true partnership relationship?  

Likes/dislikes?