How to structure this deal/partnership?

[Jack Plantin]

Looking to buy a SFR and either flip or BRRRR it. I have 30k cash.

Purchase price: 75k with 20% conventional loan + 5k closing costs. So around 19k out of my pocket for purchase.

I would take out the loan and he would give me 40k cash to put towards the mortgage leaving the loan balance at 20k (does this make sense? decreasing the principal payment to $100 a month)

Rehab cost: 12k (6k him, 6k me, most of the work done ourselves)

ARV: Good neighborhood, comps are 125k

So I am invested with 25k in cash and a 20k mortgage balance and he is invested with 46k in cash.

If we sell for 125k minus realtor commission 5% 6250 minus capital gain tax 5700 gain [selling price - (purchase price + renovation cost)] minus the 20k remaining mortgage balance. That leaves us with 93k in our pocket, right? 

His cash investment was 46k and mine was 25k, so he would get 2/3 of 93k and I would get the remaining 1/3? Is this fair? So my take home is 30.6k and his is 61.3k so 5.6k profit for me and 15.3k for him.

Alternatively,

Could I take a HELOC of 61k (His original 46k + 15k profit) out on the 125k ARV, leaving me with a HELOC payment of ~300 a month + the principal mortgage payment of $100 a month? So my cash out of pocket investment is still 25k, but I keep it as a rental and pay him off.

Rental income - 1200

minus

Mortgage/HELOC - 400

Taxes - 200

Insurance - 75

Vacancy - 60

Capex - 60

Garbage - 50

Water - 50

Repairs - 60

Total - 955

Cash flow = $245 a month or 10% COC

Alternatively,

Should I just get a HML for the renovations of 15k at 15% interest and do all of the work myself or pay contractors to do what I can't do? Leaves me with $355 mortgage and $15k + $2250 interest only payment to repay

Please let me know if either of these make sense or are a good idea. My goal is to get rehab/investing experience and a cash flowing rental in a good neighborhood with possibility of appreciation.

Regards,

Jack