How to structure this partnership

[Philip Joseph]

I was initially going to partner on a flip with a 60/40 split of the profits. The partner would buy the property and i would fund and lead the rehab effort. I now really want to BRRR the property...Is there a way to structure this partnership so the other investor would still want in? Is paying him 40% of the difference between our expenses and the ARV the only fair option (which is roughly what he would have made if we flipped the property)?