New venture 50/50 with partner advice and suggestions

[Robert Nicklin]

Hi Bigger Pockets, Checking my profile and this it my first post! I have spent so much time on BP and listening to the podcasts, its hard to believe.

I am looking at a fix and flip of a multi unit with an experience contractor / investor. I wanted some advice from the community. The offered agreement is a joint venture, 50/50 of profits. We are financing via a hard money lender he uses, 15% down on the property and they will fun the construction. I will be funding the 15%.

Numbers below:

Property $450K

Construction: $200-250K

ARV: $1.1million

I need to work on the numbers and detail, but its a four unit and we should get $300K per unit.

I am fairly new to this, so I see it as a great way to learn, with an experience investor. Hes also bringing the deal to the venture. 

Do people think its a fair deal and any advice about setting up new ventures in terms of agreements etc?

Thanks in advance. Robert