Structuring a BRRRR business relationship

[Scott Charles]

Greetings fellow investors.

An acquaintance and I are looking into some collaboration. He is very experienced with rent-to-own, lease option, and private money lending. He wants to branch out into a separate BRRRR based business and is looking for a "Boots on the ground" type parter. I have much less experience and only 1 single-family rental. The idea would be I follow up on leads and manage the rehab. He would contribute 10/1 money. I would contribute 10/1 time. He has a lot of knowledge. I am hungry to learn. Our focus would be BRRRR. We have not talked specifics as far as 50/50, 70/30, etc, as our relationship is in its infancy. How would something like this be structured? How are profits and risks shared?

Couple of additional thoughts:   
50/50 seems extremely one-sided as I would be doing the vast majority of the work and he gets 50% of profits.

I could find funding and possibly a mentor elsewhere and not have to share any equity of any cash flowing property.

I am also curious why he would want to partner with someone like me instead of an experienced house flipper.  

I do not want to be taken advantage of and have no interest in being an employee.

I understand his knowledge is extremely valuable, but other sources of funding and education is a finite number, not equity in all deals we do together.

Thank you!