Need advice on how how to structure a land development deal

[Chris Adams]

Before the crash, I purchased 20 acres of vacant land which was phase 3 of an existing subdivision. It was platted and approved by the city. To make a long story short, I was about to start cutting roads when my wife and I decided to wait until spring and see what happened with the economy. We all know how that worked out! 3 years later I threw my hands in the air, I just couldn't hold on any longer. I worked a deal with the bank for a Deed in Lieu.

I got a phone call today, from the Doctor who is buying the land. He has know idea whatsoever about development or construction. But he heard of me from some friends and wants to know if I would be interested in "Partnering Up" to develop the land and build duplexes.

After my initial conversation it seems that he would be the money guy and I would run the development and the construction.

Im very interested, but Im not quite sure how a deal like this should be structured. I could approach this from a straight GC deal, and work for a flat fee. Or a flat fee + % of profit, or a fee based on a % of the dollar amount of work I oversee. 

I'm a little familiar with waterfall deals also, but not an expert in them.

I wouldn't mind hearing some ideas/experience from others on this.