Equity Partner Question

[Mike Zaven]

Hello all. Question to all. I am working on my first flip deal. I have a property i have located in probate. Terms below.

Purchase price: $150K

Rehab cost: $100-$125K

ARV: $425K-$450K

My Skin in the Game: $30K

Partner: $270K

Profit split:50/50

I am working with a private investor and structuring it as a equity partnership. His main concern is time to sell the property once we are done with the rehab. I am thinking of structuring the exit as follows if the property doesn't sell.

Cash out Refi if property doesn't sell in 90 days after listing

Value at $425K (regardless if appraisal comes above that amount)

Take on a loan for $332,500 (Partner's $270K + 62,500 split)

I would then hold the property and rent it out at $2,400 per month.

My cash in would still be $30,000 (plus any equity i keep from refi)

I guess my question is: Does this sound like a good deal and is it a fair exit for the partner. 

Thanks everyone!