How to structure a flip with an investor (first flip)

[Rebecca Raskind]

Hi there, 

My husband and I have renovated two live-in properties and are embarking on our first real flip. We have a partner/investor who found the property and will be funding the purchase. My husband and I will be funding and managing the renovation. We are splitting the profit after all costs 50/50. 

What is the best way to go about structuring a flip with a financial investor? 

Is it ok if the financial partner is the only name on the title? 

Do we need to form an LLC?

This was a last minute opportunity and we have a quick 10-14 day escrow. If we don't have time to form an LLC before escrow closes can it be changed later?

What type of elements need to go into a contract between investors? 

Thank you so much in advance! We are all very excited about this, but I want to make sure we are protected. 

Rebecca