Joint Venture Partners

Hi All,I'm wondering if anyone has had any experience doing Joint Venture Deals with Builders?  What I am considering at the moment is buying a block of land for Sub Division. For this example lets say the land is worth $300,000. The builder would contribute the building costs of $300,000. After costs have been recouped by both sides any Profit on the development would be split according to the contribution in this example it would be 50/50 but may vary depending on the project. If anyone has had any positive or negative experiences please share.  Thank You