If you like condos, consider setting the groundwork for buying several rather than just one here or there.

Now I'm getting bids in at $140-170/sqft. not including the lot, ground work, etc. 

Since we’re both beginning what we need to do is the ground work to find deals by using out brains and our feet.

Investors will often back out whenever they don't have somebody local to do the groundwork for them.

The wisest man who ever lived laid the groundwork for a value that every serious investor needs to consider when he advised people to “divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”

What are the accepted or typical profit sharing arrangements when one partner funds and does very little boots on the ground work and the other partner does most if not all of the "work" but puts in zero or a small amount of capital to a fix and flip? 

Limiting that future income for this benefit was not a good trade off if you were thinking of long term buy and hold.For my exit strategy, I have already laid the ground work by becoming a RE Broker and starting a Brokerage Firm.If I suspect 4 family and under will be scrutinized for RC, I'll immediately apply to convert to Condos or sell the buildings myself through my Brokerage Firm.I may even convert a few buildings to single family as there are so many very wealthy NYers looking for BIG homes in good Brooklyn neighborhoods.

I put a deposit down before any groundwork, but permits had been pulled so I basically bought a spec home before construction and watched it be built. 

This agreement should set-out not just the responsibilities and duties of partners / shareowners during the "good times", but should also lay the ground work for how a partner/shareowner may leave (or be pushed) - who has the first option to buy our the interest, can it be sold to an outsider (and does that required majority or unanimous approval of the remaining partners/shareowners), etc.  

Since i live in scotland now I want to partner with financial backers, doing all the ground work in finding and selling properties while splitting profits.