Forming a partnership for a SFH flip......what are our options?

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Hello All:

I have 2 investor friends with $$ and no time.  They have flipped about 5 houses and own ~ 30 doors currently.

I have 7 SFH's , the plan is for my to investors to front the money and I will be the point man on doing all the subcontracting without putting my money in to the deal. They are good with splitting profits into 1/3's, but we are working on some other compensation for all my time being the point-man for all the sub's and keeping up with the entire process.

Any suggestions or advice would be really appreciated.


Wade:  There are a multitude of posts on BP that deal with this topic if you do a search. In order to clarify for those that will read this post and want to answer:  

1.  Will you be locating the properties and evaluating them? 

2. Your position will basically be project manager, and handle finding, getting bids and scheduling subs? 

3. Are you a licensed contractor or broker? If not, what is your experience?