Realtor new to flipping - how to partner with my investors?

[Ilya Fish]

I have been doing standard residential sales for the last 3 years, never dealt with investors.

I have 2 possibly 3 friends who have approached me saying they want flips and want my help. In my market, we have low inventory, most MLS listings don't have the margins and investors are being bought out by first time buyers looking to keep the house. Most of the profitable flips are bought at sheriff sales, privately, HUD homestore etc.

What are ways that a business relationship can be structured w/ them that is fair?

Couple points:

• They don't have the market knowledge to analyze the deals, nor do they want to learn it. 
• They work in different industries and just like to invest in things. 
• They want me to come to them and say "Here are x amount of properties going up for auction, I did the #'s this is what we would be looking at"

Obviously if I didn't need their money, I would be flipping the properties myself