first deal with seasoned partner investor

[Matthew G.]

I have been looking for the right entry point to get in on my first deal. After putting the word out that I was looking to purchase a home to rehab and flip a real estate agent introduced me to a seasoned investor.

He currently owns over 200 properties and is looking to start investing in southern California. He just closed his first deal in so cal and is working on his second.

We talked about partnering up and putting capital together to acquire properties in so cal. Our target is cash purchase on $650-800k range. He asked that when structuring a deal we put the property in his name with a promissory note or lien in my name to secure my financial interest. He asked that he be in charge of the rehab portion due to his experience and we would split profits minus expenses. I believe in this scenario we would be contributing equal amounts of cash as well. 

I want to start out with a mentor and since I have capital I think this is a good opportunity to learn and win for him as well. Due to my inexperience I was wondering if anyone has any insight as to the structuring of this partnership. Am I exposing myself by allowing him to have the property in his name and me a promissory note?