Fixing and Flipping Sellers Home Without Owning The Property

[Clinton Omiwade]

My partner and i have a possible deal , we are newbies , so feedback would be greatly appreciated . We found a property while driving for dollars and uncovered that this said property was debilitated ,vacant and completely gutted. We have researched ARV which is at 226k. The seller is not willing to sell anywhere below 150k . Estimated repairs are now at about 30k . After declining our second offer at 120k . He suggested that we renovate the property while he still holds the deed and sell it and break down a profit split. Is this a worthwhile venture ? If so what contracts should we use, and has anyone done a transaction similar or close to it and how much risk was involved?