First partnership, what should I expect?

[Kevin Shideler]

I recently met a seasoned local flipper through an REI group. We just finished our cash-out refinance on our primary residence and we're discussing a potential partnership. He's offered to open up his entire process to us. We only have about $20k to invest which is about what he tries to spend on rehabs in our area. I'm completely new and don't have much other value to bring, especially to someone with so much experience.

What should I expect from something like this? Strictly a hard money type loan or try and partner and split the profits? We have a phone call later today to discuss the details but I’m not even sure where to begin.