Partenering agreement for fix and flip

[Alexander Chavez]

Hello,

I am based out of Chicago.  Was hoping to get a few thoughts on what would be a fair agreement for a possible deal with a partner.  We'e already began discussing and seems like it will be happening soon.  The plan would be to do a fix and flip within 6 months (hopefuly less but worst case 8months).  The following would be what each person brings to the table.  The deal will be based off the assumption that we would have the following figures

Purchase price $175K

Rehab Costs $60K

Sell Price $300K

Estimated Total Profit (after all expenses including selling costs) $25K-30K

The goal of this partnership would be to allow partner 1 to build capital for future flip and flips and start their LLC after this deal. For partner 2, they want to buy a home soon, but do not have money for the down payment, this deal will help them earn $ to use for a down payment on a home after this deal is complete.

Partner 1: 

• Will utilize a HELOC loan to cover down payment, holding costs(utilities), rehab costs(estimating $60K-rehab) (estimated total HELOC of $80K-100K, but will have access to about $125K)
• Will manage the overall project and obtain and manage the contractors and RE agents
• If necessary will also cover mortgage and escrow payments- also holding costs

Partner 2:

• Will obtain loan from bank to purchase home- (can obtain a low down payment 5%, no PMI,)
• Will pay bank mortgage loan monthly payments (estimated $7K total)

Hope this is enough info to get the basic idea, otherwise please ask to help fill in the blanks of anything I may be missing.  

What would you think would be a good/fair way to split the profits?