How do I JV with someone and use hard money

[Kevin Fontleroy]

hey guys,

I was asked by a friend if he could invest with me on a fix and flip.  I typically use hard money to fund my projects but I thought it would be great to bring him in as a cash partner.

My question is how do you set up the partnership splits since he isn’t bringing all the cash, he is just bring enough to really cover the hard money fees and holding cost.  Has anybody ever structured a deal like this?  My partner says he has 15k to invest.

Here are some rough numbers

Purchase price 56k

Rehab 17k

Hard money and holding cost for 6months 10k

Arv 125k