That may test your friendship, so predetermining it early will help mitigate any bad feelings because you agreed and put it on paper.I would also recommend adjusting your splits on a deal by deal basis. 

As I understand it it is similar to a land contract where the deed stays with the seller until the contract is paid or some predetermined time in the future.

While agents and wholesalers have some overlap in that both are connecting buyers and sellers, they have some significant differences in their approaches.To be successful, a real estate agent wants to help buy and sell as many properties as possible - with a predetermined profit(the commission) on each deal.The wholesaler wants to find something to buy as cheaply as possible, so that there is as much room as possible for the "assignment fee". 

I'd like a contract to be as clear as possible so clients can plug and play. aon the GC side changes are pre-determined mark-up on materials 15% (surcharge 15% also for removed scope, and +15% material handling fee/markup), then labor rates are pre-determined also 55/hr electrician/plumber 45/hr painter, etc.

The arrangement we spoke about would be that I would get all incoming cash (downpayment and monthly payments) until I receive my "principal" back, then we would split all cash payments after that at some pre-determined ratio.  

Are the redemption periods a case by case basis or is that usually a fixed period that is already predetermined? 

The tenant leases the property and then purchases a separate option to buy the house at a predetermined price within a specified period of time.

Once you have an option to purchase the property, the seller can't sell the property to anyone else and if you chose to exercise the option the seller must sell it to you.The option should include a predetermined purchase price as well as a time period that it is valid.The buyer usually pays for the option, so consider the amount you would pay for the option and reduce the purchase price accordingly. 

Work will be paid after completion of the job or at specified intervals as predetermined by mutual agreement of owner and contractor, or upon receipt by owner of contractor's invoice.9. 

Terry, just want to make sure I understand you:Will your IRA be getting a % of the profits as a result of the flip or will your IRA simply act as a private lender and only receive predetermined interest payments (plus possibly some points)?