"Should I get paid for inspecting the property and for my time doing the repairs, and then get a small percentage of the profits, or should I not get paid for anything and receive a little more of the profits?"

I don't think there is a problem with conflict of interest. The main questions I see was the one above. If it was me, I would certainly do the first one by getting paid for the work and inspection, and taking a smaller percentage of the profits. There may not be any profit, or it may take a lot longer to flip than you were hoping, which could leave you on the short end. If it works out great after the first one, readjust your percentages and go for it.

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Jim Robinson
New Mexico, USA