What's the best way to start an entity to re-hab a house?

[Jason Click]

A couple friends and I want to buy an investment house, fix it up and then sell it. Here's a few questions I have about that:

[list]Is forming an LLC the best entity for this?[/list:u]
[list]If we went to an attorney to create the LLC, would we then spell out who is responsible for what and how we would split the potential profits?[/list:u]
[list]Since we've all got the desire but no experience, would it best to find a person experienced at this at the local REIA and make them part of the LLC or maybe just hire them as a project manager/consultant[/list:u]
[list]If we wanted to get a hard money loan for this deal, would that be in the LLC's name or one of the individuals in the LLC?[/list:u]

Thanks for any help that you can give me. I'm sure I'll be adding to this question list later.