We've talked about roles in the project and writing a contract between us but neither one of us is sure the fairest way to split the profits.

But you will have other expenses too: insurance, property taxes, maybe some of the utilities or HOA fees (I am assuming you are paying cash - if not, then a mortgage payment may eat up a lot of your profit).

If for some reason, more money was needed it would come out of my profit and be my responsibility. 

Know your market and target re-list (sales) price and ensure you don't go overbudget so that you have some profit in the end!

I'm investing out of state and have a property manager that uses App Folio, so I'm not planning on using Quickbooks to actually generate invoices for rent.

General rule (for more reasons than one):Buy and hold rentals=LLC or hold in your personal nameFlipping=S-Corp (although this depends on some other factors as well such as your total profit and W-2 income) It may not be worth it depending on your situation.

Lenders are audited on a regular basis, and it's millions of dollars in fines if a lender turns appraisal fees into a profit center. 

Billings is ripe for making some profit in flipping right now! 

My question(s) is what are all the little things I should do in order to make it as easy as possible for my partner and I to get the deal, assuming the one we chose is a good one.Details: Flipusing partners cashusing partner work (contractor)I will help with workworking with my agent for buy and sellSomething my agent asked was whose name would offer be under, my or theirs and already discussed profit and work splits so that is not an issue. 

-how is 'profit/cash flow' defined?