What's a fair split with a partner who doesn't intend to help?

[Andrew Robbins]

Two questions here:

1) A friend wants to invest with me and doesn't just want interest for the money he's putting up, but rather to reap the benefit (or suffer the loss) of the venture.  We both know up front that I'm going to be doing all the work.  Let's say, for simplicity sake, all our costs to buy and fix up the property come out to $200,000 and we have each put up $100,000.  If I was the one who found the property, put in all the blood, sweat and tears, etc.  And, God willing, after realtor fees, etc. there was a $50,000 profit.  What is a typical split in that situation?  (I understand that the split is whatever we agree on -- I'm looking for what is typical).

2) Same situation as above except that there is a mortgage involved.  Let's say we buy a $300,000 property.  We each put up an equal amount of our money to cover the down payment plus rehab costs ($50,000 each, for argument's sake), and I get a mortgage for $250,000 (my name only on the mortgage, not both of us).  When figuring out the split, do we take into consideration the amount of money I brought to the table from the loan?  In other words, have I brought $300,000 to the table vs. my partner's $50,000 OR have we each brought $50,000 to the table, and the interest on the loan is just an expense like any other?

[Joe Splitrock]

@Andrew Robbins I don't think splitting the deal 50/50 is bad for you because it splits the risk too. In the second situation, I would form an LLC and share the financing. Split everything 50/50 there too.

Put it in writing that you make all the decisions and split everything 50/50. Why is that good? Because you have complete control without someone meddling in your decisions. Plus you learn how to flip and manage a property. Now you can find another partner for other deals and leverage your experience to do other deals. All your friend has is what you bring him. On future deals maybe you change the split a little and keep working it in your favor. If you are delivering results, you will hold all the cards in the future.