How do you guys go about splitting the profits in this type of partnership?

This is a capital intensive sport, so I am developing for strategic partnerships in the community to be able to continue to play the game (ie: Banking Relationships, Birddogging for a wholesaler, pairing up with a larger investor, helping my mentor win, ect).

I'm not talking a JV or partnership, I'm looking for a mentor and someone who is looking for that kind of relationship.

I have a partnership in which I handle all the financial side of things (Pay for the cost to purchase, sell, rehab cost, cost to hold etc) my buddy does all the work on the houses and we just split the profits evenly when we sell.

I would take on any sort of payment/ownership of the property.My question really boils down to what an appropriate partnership model should look like?  

At a minimum, you should have a partnership agreement in place to outline financial and duty responsibility.Now to your specific question is it better to be approved and qualified?

Many other states have very similar definitions of RE activity that requires a license.4735.01(A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following:(1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate;(2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate;(3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate;(4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate;(5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants;(6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate;(7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate;(8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners;(9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee.

I've read several of the posts about partnerships where its more of a 50/50 split BUT these were all where the investor was putting up 100% of the cash.

Corp entities or partnerships leasing to member/owners or to other entities they have ownership in?  

What are your thoughts on having multiple partnerships?