Holders of interests in multi-lender loans own the trust deed, and in the event of foreclosure, the collateral, in accordance with their percentage of ownership.Your question is very good, and draws attention to an area our industry probably needs to explain better to the investing public.  

My partner feels that on our first couple deals we will only be able to get investors if we offer them a percentage of the profits from each flip.

You may be able to find someone who will fund your deal if you find a great situation but the lender may require you to put a larger percentage of the rehab/purchase funds into the deal and they may wish to control distribution of the funds by setting up an escrow account and monitoring that the rehab is being done correctly before disbursing funds.   

I'm actually thinking about doing a JV in which the lender funds the project 100% and accept all fees and an agreed upon percentage of the ARV once the property is sold.

What kind of markup or percentage do you typically try to get on those deals? 

A large part of most brokerages income theses days is from these "transaction fees", as opposed to the traditional commission split percentages.

That's a lower percentage cost, about 9%.  

My Cap Rate calculations always include management and maintenance costs as a percentage.

I will put aside, or usually the banks forces me to put aside a certain percentage for cap ex, depending on the condition of the assetIf you are buying a property and keeping it ten years, chances are you will have paid down a portion of the mortgage and value has increased through inflation and proper management.  

Do you actually make low ball offers (maybe some arbitrary percentage of list price, like 50%, that you hear some gurus advocate)?