What does a 50/50 partnership look like?

[Chad Doerr]

I'm brand new to real estate investing and have just put my first house under contract to fix and flip. The project will be a 50/50 partnership with my cousin who will handle the majority of the renovation as I'm out of state (though I plan to be as involved as possible while being 150 miles away). 

I need help understanding the finer details of how a 50/50 partnership works, knowing that I'm carrying 100% of the financing and my cousin will handle the majority of the renovation work? My biggest question is whether or not I will shoulder the entirety of what could be a 30-40K capital gains tax or is that somehow split as well? 

Looking to leverage the wisdom and experience of this network to navigate this partnership and get this first deal under my belt.