[Calc Review] Help me analyze this deal
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Hi everyone! I'm new to wholesaling. I have what is potentially my first wholesale deal, well partnered with someone else, and was hoping somebody could give me their opinion. Btw, I have 10 days including today to find a buyer. First, a little background. I took a class, and one of the people in my class who had been doing wholesaling for a while and who lives in another part of my state contacted me to say that he had partnered with a lady on a potential deal who lives a couple towns over from me who had gotten a property under contract with a seller. However, she did not have a cash buyer's list. So, she contacted him based upon one of his "we buy houses" signs that she had seen. He then contacted me because I have a list of cash buyers for the lady's area. She said she would split 50% of her profit with him if he found a buyer who purchased the property. He, in turn, said he will split 50% of his profit with me if I find a buyer who purchases the property. He said his profit will be 5k. He sent me the contract she signed to partner with with him, as well as a contract for me to sign (which I haven't done yet) to partner with and split 50% with him on this deal. He said, however, he doesn't have the original contract between her and the seller. Is that a red flag, or does that not matter? He told me in a text that she has the property under contract for 70k, and the homeowner's asking price is 75k, and that the plan is to find a cash buyer for 97k. With those numbers being the way they are is that enough information for me to verify his profit is really only 5k so that I can be sure that I'm getting 50% of the real amount? What if he is making more, but only telling me that he is making 5k? How can I be sure?