How to fairly split 1st flip?

[Dan Palumbo]

I have been approached by a a friend who is also in real estate on a flip that he will have under contract today or tomorrow to be a financial partner. This is an out of state property in Texas in a city he currently holds property. We are in the process of doing due diligence and are discussing how we should split the costs\profit. Being that it is his deal and he would be using his contacts in the city I believe it is probably fair that his split be slightly higher. Hoping to get some feedback on what the 'norm' is or what  you all are doing in your deals. 

The total cost to purchase, rehab and sell is ~$140k. If we split the costs(70k each), using his contacts(broker, contractor, handyman, etc) does a 60/ 40(my share) split on profits seem reasonable(profits estimated at 30k)?

Thank you in advance for your feedback.