I know this may not be the answer most people agree with but...If ultimately only YOU are putting money in the deal and your 'partner' has no skin in the game, in the sense of MONEY/RISK.. then you shouldn't split profits at all.You should PAY HIM for handling the rehab.

There is more than one way to skin a cat that’s for sure!

I got into rehabbing well before the crisis, and in the one country where market conditions most exacerbated the highs and lows of the real estate market.

I know the bank's stance will be for me to put my own money in so I have "skin in the game". 

Once you put down earnest money, pay a appraiser and inspector, then you have skin in the game and are more likely to pay over your initial desired purchase price. 

They want you to have skin in the game.Sell it before something goes wrong and you loose it.

When the lender said they wanted to see his skin in the game he showed all the stuff he had finished plus the land. 

They have more skin in the game then you do.Make sure you get clear title.

Most are going to require you have skin in the game.  20% to 30% Down payments are common.  

But the presumption/ignorance gets under my skin.$100 for early checkin is starting to sound good ;)