Partnering with a seller to flip their house

I know some other investors who have done this before and recently talked to two sellers where such an arrangement may make sense. Essentially, the owner moves out and gives me control of the house. I use my knowledge and resources to remodel it and then we list it with an agent to sell it. From the sale, the owner gets a previously agreed upon amount and we get the rest.

The upsides as I see them are that I'm able to give the owner more money (they keep what would have been our closing costs from the purchase, as well as share some of the upside if it sells for more than we expect it to) and our interests are aligned a bit so overall it increases our chances of getting the deal. Also, we're not carrying a large, expensive, short-term loan. We just have to come up with the capital for the remodel so overall our profits should increase.

The con is that we don't truly have control of the house since our name isn't on the title. There would for sure be a contract involved, but there's a chance we may need to try to enforce it.

Anyone here ever enter into a similar arrangement? If so, how was it structured and any other advice in general?