New partnership structuring?

[Cameron Nicols]

So a friend and I are looking to partner on doing some house flipping. We're both currently working jobs but want to go full time on our own. I currently am a property manager for a friend/mentor/ experienced investor. I've worked with him for the last five years on flips so I have a very good understanding of the start to finish process, as well as what to look for in a property. I also have access to all of the reliable contractors that we've compiled over the last five years. No toes are being stepped on BTW. So the questions I have relate to the partnership because my friend will be putting down all the money (at least on the first deal). We also have another possible private lender who is a mutual friend. I know of 50/50 partnerships where one person puts down the money and the other manages the flip start to finish but we would both be full time so I'm not sure how to structure it. Was thinking deal by deal? Should we form an LLC this early in the game? Any advice is appreciated. I'm sure this has been covered. I did attempt to search. Thanks