@Jim Zatko the 50/50 split is typical if you are doing it as a JV or partnership.

Etc Etc Etc.Big banks only function for me when I have to put money into my JV partners accounts all over the country. for that we use Wells or BOA.. but only for those reasons.So at the end of the day and in this environment I can get bank financing at under 6% for all my deals.. and in my market here in Oregon many builders that got hurt have had to borrow hard money to build. so there holding cost are double or more than mine which creates flexibility with pricing and or more profit.. 

If he is going to be an active partnership then I suggest you give him spreadsheets detailing every aspect of the deal or deals you're doing.

I keep hearing of homes that cannot be financed through traditional means due to condition deficiencies like broken windows, non-functioning kitchen, no running water, etc.

In effect, I had a partnership, with my parents.  

Use the search function to locate some people in your area.

A "real estate broker" is any person, partnership, limited partnership, limited liability company, association, professional corporation, or corporation, foreign or domestic who, for another, and for a compensation or valuable consideration, does, or attempts to do, any or all of the following...In Utah, we have a list of exceptions including being a principal on a transaction.  

In most cases, your fitness function is going to be so non-predictive, and all you need is "good enough to be profitable and low-maintenance" not "the very best in the pool".2.

There might be a partnership opportunity or more flexibility based on the deal.  

I'd suggest you hang as close as possible to SEC regs and/or utilize entities and partnerships until these aspects have a final determination.