Partnership - Joint LLC. and agreement?

[Shawn McGarity]

Hello BP community...

Beginning to feel more and more comfortable and educated with REI. It came to my attention my girl friends sister in law has been a BP podcast fan for quite some time. We decided to meet and compare thoughts and we both want to do flips. So after a good discussion, we have decided to team up to help split the risk and time requirements. She did have a good question...we would go in together on the down payment for a conventional loan (50-50), should we get a joint LLC or use out own LLC's? Is there any advantage or disadvantage to either?

Also, we would obviously want to write up a partnership agreement of how we split profit and loss (hopefully not that though), who pays for what expenses, what duties each person is expected to take on, and so on.  How formal does this write up need to be?  Does it need to be done by lawyers?  Can a simple 1 page write up we both agree on and write up together that is notarized work?

Any help, advice, or past experiences would be more than appreciated.