Fix & Flip Deal - How to finance?

Hello BP Community,

I've come across a house listed at $219k. After looking at it a few times and discussing with my broker, I think they will accept an offer of $190k.

Problem is the house is not mortgage-able. It is dilapidated and I don't see any lenders financing it. Therefore, I've gone out to a few people with a lot of cash and I've piqued their interest. I have two commitments for the money to buy the property.

Here is the deal - I will foot the bill of the construction/closing costs ($75k - $85k) and my partner will solely buy the property ($195k). I want to show my investor that I am vested and have a lot of skin in the game. I ran comps in the neighborhood and on the low end, this house renovated will catch $385, on the high end, $410k. I have the manpower to have this house rehabbed and back on the market in two months, hopefully sold in 4-6.

What kind of offers would you make to your 'silent partner, hands off' investor? Would you take the $195k as hard money (13%-15%) interest, arrange some sort of profit share on the back end when the house is sold or any other creative ways? Also, who would hold title/deed in this situation? I know forming an LLC is the way to go and what we would end up doing but I want to gain a better understanding of the logistics of a deal like this and if anybody has structured any similar deals.

Keep in mind I would also like to make (and keep) my investor happy as this is my first flip!

Thanks! Looking forward to your replies.