Joint Venture straight profit split or percentage of investment

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Recently a builder friend of mine decided to semi-retire and coach me into the building business. Incredible deal really which include all of his spec home plans. Based on lots ranging from 30-60k his spec homes sell before they are built. Takes 4-6 months to build a house that sells between 369k and 425k. His plans are so optimized that he profits at least 100k on each home. Of course the only problem I have is the 20% down for lending. I have multiple banks that want my biz. And recently the word got out and now tons of friends want in. After talking with a hard money lender friend, a re attorney and CPA they all agreed that if I did joint ventures I could build a lot of homes. When I told them I wanted to split the profits 70/30 or 50/50 with investors their jaws hit the floor. I got an ear full on how the best investment programs are lucky to get 5% returns. They even read my mind by saying "your doing this because you want them to roll over their returns and the problem is when Johnny earns 2-10k in 6 months he's going to use that money on a Harley instead of doing the smart thing an reinvesting with you." Still I want to set up a joint venture program where investors get a nice return and keep coming back. I'll do all the work and get all the lending, I just need their 20% down on each house, plus 6 months of interest only payments. Everyone trust me and I'm usually the guy that gets taken advantage of. In this case I'm doing all the work and I'd like to get about 60% of the profit after taxes and so forth. This will help me scale nicely. So what kind of joint venture split would you recommend. Straight profit split? Percentage on the amount invested, 10-15% for example? I was advised not to take more than 15 people on any one house. I had thought about setting up a pledge area, so investors could actually spread small amounts across multiple properties if they wanted. Then I thought I could have multiple type of investing options on each home. (Package a, b and c) all totaling up to the down payment needed. Realistically I can build 10 homes simultaneously. But each needs the 20% down, plus interest payments. What are your thoughts on fair returns for money invested? Typical investment time will be 6 months.