NEED HELP: Splitting profits on rental property.

[Daniel G Blais]

Ok, here is my situation.  My father and I have started real estate investing.  He has put forth the capital and I have done the leg work.  
We have not set up an LLC or Corporation. The property is in his name only. Yes I understand that he takes the risk as does he. Our plan was to form an LLC when we have more assets. Until then there is the quandary of dividing profits. All profits were agreed upon as 50/50 split.

However, there is one issue that is glaring us in the face.  How does he pay me?  How do I record that for tax purposes?  How does he record my payment for tax purposes?

I do plan to seek out a tax expert but Im looking for any information that might help.  (WA state btw)