We self managed the entire time, even remotely, because we found the cost of property management to be too high and it cut into small profits.

Either share in profits, but if you simply don't want a second "cook in the kitchen" finding a passive partner may help.  

Very profitable How did you find this deal and how did you negotiate it?

All that being said my brokerage sold several in that zip code just this month so it is a potentially profitable area.

I want to be fair but also recover all my costs and make a profit that both I and the lender take advantage of.  

If so you could qualify for the 121 exclusion and take the first $250,000 and $500,000 (If Married) of profit tax free, and put it into your next investment property.

You invest into the property and pay me for our services because we handle the renovations and then profit off of the ROI.

Once the investor enters the life expectancy of the capital expenses, financing, short term financing, rehab costs, turn costs, maintenance, and expected sale or rental revenue, the property management features will project the cashflow, equity, and profitability.

Unfortunately he's correct...any funds you keep are profit first, then basis.

If you have your operations dialed in, you're going to be quickly make a profit on that referral.