My first flip here in Chicago went smooth, simple cosmetic renovation, but then followed two average to below average flips...so beware no to get on a high horse like I did!

You can come to your own conclusion.BTW - simple question: Is it OK for a PM to share personal information about an investor with another investor?

This question is best answered with a financial approach and hopefully will be super simple. 

I also didn't limit my thinking to simple buy and hold.

WHEN I LOOK AT ALL THE YOUTUBE VIDEOS AND TALK TO CONTRACTORS THEY ALL SAY PRETTY MUCH THE SAME THING, THEY ARE VERY SIMPLE TO ASSEMBLE WITH LIKE 5 PERSON CREW, ONLY TAKES MAYBE 15 DAYS.

Too many people overlook the simple strategy of building wealth through equity. 

If it was easy, or simple then it wouldn't be lucrative to take on the WORK and RISK.

It’s a very simple one page document. 

I think you may want to start of the arrangement in a more simple fashion.Ask for a loan in which he will get a stated return 6% to 12%.If you are both successful happy with this arrangement, upgrade to a partnership.I think a partnership off the bat makes things complicated.You will also likely make more money in a loan agreement if the project does well.

I think its very interesting to see developers like National Real Estate who are wrapping up the 15 story development on 2nd and Spring Garden saying their next project on Spring Garden is simple a matter of time.