Colleague provides the cash, I provide the rest (deal analysis, negotiations, closing, repair planning and execution, management etc)What I’m curious to get the opinion of BP on is what’s a reasonable way to structure the split of profits?

Nothing spectacular, just a "Base Hit" We need the practice negotiating, dealing with small projects, and dealing with lenders before we start taking bigger bites with riskier deals. 

I don't have a lot of capital and im trying to wholesale.

Personally, I would negotiate the lowest price I could and if the numbers worked, this would not deter me.For your decision, that's all about you. 

When I was listing and selling property full time, I always advised the seller to get estimates and negotiate a credit to the buyer;  it avoids so much stress, lost time, etc.Of course it is not always possible, depending on the repair--the lender may refuse to close prior to a certain repair being made.But whenever possible, I'd recommend  to credit the buyer and let them deal with it. 

Negotiate with that.

Do you want to find and negotiate deals, or build relationships with realtors and wholesalers who bring you deals?

So what you are saying effectively is I started negotiations within my 45 days identifications period.

Coinmac (or whatever they're called now -- google 'em) will put machines in there at no cost to you, service them, take the cash out, etc and mail you a check for your cut (they have different profit splits you can negotiate) .If you just have a small building, it's not likey worth the cost of doing a 'smart washer' that can take payment via venmo/paypal/applepay but they do exist. 

I use Zillow for research but I can see how it would be a severe turn off if they aren't negotiating in good faith.