Using private money to fix and flip

[Aaron Peterson]

Can anyone tell me the best way to structure a joint venture with a silent money partner?   In other words, if I have a private lender who wants to invest their cash in my fix and flip business, what is the profit split on one deal.  I'm trying to stay away from offer them interest on their money.   I want to do it on a per deal basis.   They provide the money for the purchase and the rehab.....and I do all the work.   I've heard some say 50/50 while I've heard others say 70/30 (money partner gets 30% of net profit after the property sells).   Any thoughts?