Partnering with a contractor

[Tim Sterr]

I'm doing my first flip ($53k purchase, ~$40k rehab, ~$140k ARV) and considering partnering with a contractor friend. I found the deal and purchased it. He is talented, but really doesn't have a large business. We are trying to work out whether we are going to "partner" of if I'll just pay him retail price for his work and keep the profits. If we "partner" what is an acceptable split? Thanks!