What percentage should I give to my partner?

[Michael Sears]

Hi guys,

I have someone who is interested in partnering on the flips with me, and I would like to know everyone's thoughts on what split I should suggest on the net profit. My partner currently flips properties in my town, and is interested in doing flips in other parts of the city, but does not have the time or desire to manage the properties further away. He will provide all of the money and he also has a team in place (attorney, title company and sub-contractors and he is a real estate agent and I am not). I will find the deals and manage the rehab. 

What do you guys think a fair split would be? I have heard everything from a set amount of $2000 per flip to a 50-50 split. Just not sure where we should start. This will be our first time working together, so I am open to starting with me getting a lesser percentage at first.