Need advice after randomly meeting a potential private investor

[Brian H.]

Hey folks, Hope all is well with everyone else here. So I was helping a friend of a friend deliver some mattresses the other day (he owns a mattress store) and we had a good bit of time to talk. He sounds potentially interested in doing some property flips with me. I have one successful flip under my belt and 11 rental units that are profiting well. I am looking for advice as to how to structure this or lay this out? Just never worked with anyone besides myself. It would be basically where he provides the funds and I handle the flip(s). He seems to want to be partners in this. Is that better than trying to work with him as a private lender? If you have done this, how do you structure it? Would it just be a 50/50 split since he doesn't have to worry about any of the legwork? Or should he get more of the pie since he is risking his money? Never had to even write a business proposal before... and that was what he mentioned. "Write up a business proposal and we can talk about this." Or, should I approach it with him as the private lender? What percent are private lenders getting in this climate? That seems easier and less risky for him since then he is the first lien on the property, right? But then he stands to potentially make less? Or could I, with him as lender, offer a sort of structured rate of return based on overall profit instead of payments/interest but still gets first lien as well? Any information any of you seasoned flippers could offer me would be so greatly appreciated. Been Googling for a few hours but find so many different opinions. Figured I'd come here and ask the pros. Thank you!!