In the past few weeks I was able to find someone in my area to partner with who has experience with doing fix and flips. The goal in partnering with them is to help get me started and serve somewhat as a mentor to myself. The question I have is if anyone has any experience in structuring a partnership deal and what the structure was? More or less I will be providing some of the money and helping to oversee the repairs (and actually perform some repairs) while he will be finding the deals, contributing money, and helping with the repairs.
While in a perfect world if we contributed the same amount of money and work a 50/50 split would be best, I think there should be some compensation for my partner finding the deals and closing on them. I was thinking more along the lines of a 40/60 split (assuming we spent the same amount of funds) where he would get 60% of the profits due to him finding the deals and closing on them. Just wondering if anyone has any other thoughts.