Partner with family for first flip?

[Jessica Stevens]

Hello!

I am new BP and real estate investing and am thinking about partnering with my dad for my first flip. He currently owns a vacant house and is a licensed GC. I would provide the funding for the rehab and we would split the profits once sold. Since he is a GC with a company and I plan on paying him through his company to do the work. My questions are, should he sell me the house first then use my money to fix it up? Should he keep the house in his name and I just fund the rehab? Should we create an LLC to protect both parties? Should we see a lawyer and draw up a contract? Am I overthinking this??

I am using the first flip as a stepping stone and don't want the get sideways out of the gate. Any advise wold be greatly appreciated!

Jessica