Question on Partnering Up

[Dante Williams]

Hi fellow BP members. I have a question about partnering up with an experienced GC/Investor. I've been wholesaling since 2012 and I'm ready to take the leap into fix and flip. However, I have no construction experience  and I want to partner up with a local GC but, I'm not sure on the best way to structure the distribution of profits. I know that the typical project management fee is around 20% of gross profits but I want to ensure that the potential partner stays motivated and dialed in during the rehab process. Given the following scenario what do you think would the best way to structure the distribution of profits?

My role & responsibilities

1. Source properties

2. secure purchase and rehab funding

3. marketing

4. secure end buyers

GC/ Partner

Oversee all project and construction related activities. 

Under this arrangement he makes no financial contribution. Do you think that 50/50 is a fair split given that I have all of the financial risk and he has the experience? Also, if I do go with a 50/50 split, should I make sure that he isn't making money from material and labor ? I just want to make sure that I'm not getting taken advantage of.