reno partnership

I have a good friend who is a very good jack-of-all-trades, when it comes to doing renos. I have little experience in doing renos myself, but am learning fast. My specialty is more in finding good properties that need a little work, usually 2 bdr flats in city hub areas. He is good at doing renos quickly and minimising the expense.

I can see the potential here for a really good property investing relationship. We both have leverage in different areas.

My strategy is “Buy Reno Hold”.

He has only a little equity, where as I am ready to move on another investment.

Any ideas on how to agree on the terms of a partnership that is mutually beneficial. He is a good mate, and I want to work with him on future projects in a way that benifits the both of us long term.

Ideas that I have had include:
1. buying a trail place together = Me 70% Him 30% (remember he has less capital)
2. paying him a percentage of capital gain based on evaluations prior and after reno.

I want him to have a vested interest in the success of the properties, not just because I want a good job done, but also because I want him to benefit from our success.

Anyone had experience like this before?
Any suggestions..??

Cheers