I am currently wrapping up my first flip and I wanted to run it by the pros here to see if the way in which it was structured made sense and if any of you have any would have done it differently or advised on a different split with my partner.My current partner and I are wrapping up our first fix and flip property.

California adds a wrinkle as it is a community property state.Your tax advisor should be advising you regarding the tax ramifications of potential actions and interfacing with your attorney, and your wife's independent counsel should be doing the same for her.Even something as simple as filing status (MFJ vs MFS) has ramifications that extend beyond the finalization of the divorce...Best of luck.

So pls advise is it a good deal ?

What I advise my clients is lets look to see what the difference in both coverage options and premium totals. 

Plans fail for lack of counsel, but with many advisers they succeed. 

Hi @Matt Ekoti, In addition to seconding @Jim Cummings excellent advise, I'll add that you may want to check out the Brazos Real Estate Investors Club (BRIC).  

I can't advise if it is "fair or not" because only the two of you know what work was done to increase the value, what the value of that work is, and what terms you have agreed to split the profits.If it was me, and I had all the equity in the deal, pay half of the expenses, and then receive the same split on profits - I would not feel that is an equitable terms.

All things they will advise you on.

@Hunter Wolfe  Disclaimer: Be sure to consult legal and financial adviser first. 

I was advised by my realtor and lawyer this is not commonly requested.