Colleague provides the cash, I provide the rest (deal analysis, negotiations, closing, repair planning and execution, management etc)What I’m curious to get the opinion of BP on is what’s a reasonable way to structure the split of profits?

As a developer or going for a use change a certain series of events have to happen in your favor to make a project viable and profitable. it can be a long and arduous process.If the seller is wanting you to keep putting up more and more non-refundable money then it might be time to walk away.

I'm buying cash and my main goal is making as much monthly profit as possible.

Parole boards and non profit organizations are looking for landlords to refer clients.

If $20K for profit works for you and your criteria and you are comfortable with your numbers, then it's good for you. 

We closed on a flip last week where we are anticipating a net profit of $50k.

Adding verbiage like "They have the right to use property for whatever purpose they feel is in the best interest of..... looking to make a profit......" is all just adding language that someone can come back and bite you with in court.Now if you are trying to add "assign-ability" in the same line that is different. 

My eyes were opened to the profit potential in real estate after graduating from Ball State University (Muncie, IN).

Rental losses can only be offset against future rental profits - your rental losses cannot be offset against your salary or other income to reduce your tax bill. 

I think it will give you tips as for getting started.If you want more information on actual flipping, I highly suggest you buy and read FLIP: How to Find, Fix, and Sell Houses for Profit.