My first flip / partnership

[Laura Byrne]

 My partner  purchased a rehab for $110,000. The closing costs amounted to approximately $10,000.  My share is $30,000 towards repairs and appliances. What is my actual percentage on return.  My partner is saying the cost is $120,000 which would mean 30% is my profit. My thinking is he gets his $10,000 back  that he laid out for the closing costs and we split the profit 30/70.   i'm not sure that exactly right either this is my first flip.  Your advice is much appreciated. LAURA