How do we split profits??

[Casey Culver]

Hey everyone!

Here's my simple question, this is a hypothetical situation: Let's say I've found a single family home, buy and hold type deal, I find the deal & do all property management & rehab, and put down 50% money, and other person puts down 50% money, but that's it. What is a real amount that we should split from a profit standpoint? With me doing all the work + putting down 50% I would have thought minimum 60/40 my way would be fair. BUT I'm starting to hear differently from a few folks and I'd like to get some experienced advice here.

Also, would the profit split % be the same for a flip as well?

Thanks!