Structuring a Fix & Flip Deal

[Lakshmi Nikitha Duggirala]

Hi, I am a newbie investor and my partner and I are trying to begin with a flip of a SFR. Since this would be our first deal and we don't want to use our minimal savings , I was wondering what anyone's thoughts are on financing a Flip this way:

Find a hard money lender to fund the project cost (purchase price + rehab cost) and find an equity partner to fund the holding cost payments (interest to hard money lender, property tax, insurance, etc.) and offer him/her 20% of the profit. 

This way, hard money lender gets his 8-12% interest regardless and the equity partner would only have to pay $1-5K in holding costs for the 3-4 month rehab period and assuming we make a $30K profit, that's $6K for the partner (potential of 100% +cash on cash return). 

Let me know your thoughts! Thanks!