Wholesale Deal ~ Need a Partnership Agreement ASAP

[Landon Hayes]

So I have a large cash buyer's list, and I was approached by a wholesaler that I know relatively well to help him find a buyer.   I have a couple questions

• He brought the deal to me and said he was willing to take $160K - I brought buyer that wants to write a contract for $172,450.  
  • I would rather structure the deal similar to how I've done this in the past, with a close friend of mine, where if I bring the buyer for the deal, show the house, and get a contract - we split the fee  50/50 (and closing costs 50/50 if it is a double close)
  • However, the other wholesaler on this deal wants to collect his fee (whatever the difference between what he has it under contract for and $160k) and then pass on the additional $12,450 as my fee for bringing the buyer. 
  • Although I've done deals with him in the past, I have been backdoored and screwed too many times to just trust that the guy will pass on the $12,450 I got him above the ask price he brought to me even though he's given me a verbal that he will

What should I do in this situation?  Does anyone have an agreement that they could share or help me structure one that will protect my interests in this deal prior to me getting my buyers to execute the contract?

Any help would be greatly appreciated.