I need help determining the right business structure

[Harvard Hill]

As the title of the post implies, I need some help determining the best structure for my real estate business.  I've flipped four houses over the last year and a half with my business partner and we're working on our fifth, so it's time to take it to the next level.  The key points of how we're setup today are outlined below and we are really trying to position ourselves so that we can go to the banks and try to establish a commercial line of credit.  We're also trying to think through the other implications around taxes, insurance, etc.

Key Points:

• I have an informal business partner
• We both have LLCs
  • He is a General Contractor that performs the work under his company name
  • My LLC is in place but all of the properties are purchased under my name because I must personally guarantee the loans
• I handle all of the finances, accounting, permitting, deal analysis and all of the other desk jockey work
• He handles day-to-day project management, hiring of the subs, material procurement and other GC activities
• Profits are split 50/50 with some adjustments made based on individual capital investments
• I essentially receive all proceeds from the sale of the homes and write a check to his GC company for the reno costs and his profit share
• I have a full-time job with an income/credit sufficient to allow me to purchase homes to renovate
• He formed his GC company ~1 year ago and does not have sufficient proof of income to secure loans

I think those are the basics for what we are doing.  Now time for the questions:

• Should we maintain a similar structure with the homes being purchased under my LLC and have his LLC perform the GC work?
• Should we form a new LLC that purchases the homes and retains all of the profits while only reimbursing his GC company for actual costs incurred?
• Should the work be completed by the new LLC or his GC LLC?
• My LLC and the potential new LLC won't have insurance so is it best to leave the work under his GC LLC that is insured?
• Any potential tax implications?  Hint:  I know the answer is yes here.
• How should I approach a bank for a commercial loan? Better with a single LLC or should I try to set it up with mine while indicating the work is completed by his experienced GC company?

I know this is a long and complicated post, but I would really appreciate any help that can be provided.  As a real estate investor I've come to be a firm believer in Karma so, in return for your help, I will share some of my experiences over the first year and a half of house flipping under separate posts to help build this community.