Fix and List Strategy (JV with Seller)

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Hi all,

I'm wondering if anyone has ever successfully done a JV with a seller.

I'm considering a deal where I bring the rehab funds and team to deal and the seller and I split profits upon sale of the house. The seller doesn't have much equity in the home so there's not enough spread for more traditional strategies. But the seller is very motivated.

I’ve read about a few ways to execute this deals I.e., sub2, but could definitely use more feedback.

Has anyone ever done a deal like this? How was it structured? What pitfalls might I encounter?