JV vetting & deal structure for flips

[Laura Sacandy]

In any given fix and flip joint venture, if one partner provides the funds to purchase the house, and the other partner funds the rehab, what kind of deal structure would you consider fair in a split of the profits? Would each's share of the profit most likely be in direct proportion to the dollar amount each partner invested? Also, how best to properly vet a potential JV partner?