First time flipper - Partnership model question

[Maayan Cohen]

What should be a standard agreement between 2 partners- one that bring the money and the other in charge of finding the deal and manage the project ? I have a friend who partner with a project manager with flipping experience, and my friends takes all the risks , responsible of all the expenses and get 2/3 of the profits while the project manager responsible of finding the deal, manage the renovation and sell it. does that and get 1/3 of the profits but have no expenses or any responsibility on loses..

Does that sounds fair to you? 

Is anyone can please share of such an agreement between partners for flipping project?

Thank you !

Maayan

[J Scott]

There are a million ways to do it, and it boils down to what both sides agree on.

That said, I'm a fan of 50% to the money and 50% to the time/effort.  So, if one person is bringing 100% of the money and the other is bringing 100% of the time/effort, then 50/50 isn't unreasonable.