Wholesalers only look out for their best interest, generally speaking.  

Look forward to speaking some time Alex

SFHs are poor cash flow properties, generally speaking, and the cash would be better spread between several multi plex properties as opposed to a couple of SFHs.

If it is a considerable amount of  money, it is best to speak to a accountant or lawyer beforehand. 

Agreeing to split the profits," which are currently uncertain and variable, is very different than "I'm contracting you, my son, at a fixed contract rate to rehab a house I'm flipping" and the corresponding tax treatment that follows is very different.Agree that the OP should speak with his CPA to clarify the original intent and goals. 

I do not do flipping so i cannot speak much to that.

You really need to speak to your broker before attempting to "wholesale" properties, don't get carried away with stuff you find on the internet!

Typically speaking, you will have a difficult time finding "turn key" properties that make a lot of sense from an investment standpoint in this market and will find that the properties with the greatest potential for investment, yes even buy & hold, are those that you can add value to in a way that the typical "retail" buyer can not (or is likely unwilling to).  

Being a hard money lender to developers/flippers is passive and not taxed.Ultimately the right solution will depend on your goals, and speaking with a professional in the field as well as your licensed tax advisor will be the best way to get a handle on your options.

@Charles Washington I'd be happy to speak with you about your goals, feel free to send me a message and we'll discuss further.