Partnership with a general contractor

[Jerry Jones]

I am considering doing a partnership with a general contractor who I trust and who has quality work. He basically wants to rehab homes with me and and split the profit 50/50. I would be putting up all the money, paying his workers, purchasing supplies, and taking the risk on the rehab. He would basically not take any pay until the end of the project which would be in the form of profit.

Has anyone done a similar partnership and what would be an appropriate split. My thoughts were a 70/30 split would be more appropriate in my opinion since I would be putting up all the money and taking all the risk.