Getting paid monthly stipend during flip with partner
I am about to begin a partner with an investor on a flip in Oregon. Property will be bought for about 400k and needs about 100k in Reno. After repairs it should sell for anywhere between 700k - 800k.
I partnering with an investor my realtor has linked me up with. He works full time and doesn’t have the time to manage a flip. But he is willing to put up the money to do the deal. In exchange I would be overseeing the deal from acquisition to the sale. Dealing with the contactor, architect full time.
I was planning on offering a 50/50 split of profits. Due to working this full time I was wondering if there was a reasonable way to get paid a monthly stipend till the project is completed. Possibly taking it out of the money I would make at the sale?
Thanks!