How to handle Flipping business? LLC's, operating agreement, legal...

[Josh Ridener]

Hi Biggerpockets!  Looking for some help or direction.  My name is Josh and I am a new real estate investor in southern California.  I will have a partner who will finance our first flip completely and was wondering what steps i should take to protect both of us.

I plan to purchase a property for all cash and flip it in the next couple of months.  I will be handling the entire process of finding the property, working with contractors and selling the property.

I will be working with a partner who will finance the entire purchase and rehab.  

I'm curious as to the best way to document this and protect both of us? Things like, do we transfer the money to my LLC as a loan and build an operating agreement that specifies the payout terms and covers possible outcomes like having to rent the property.

Do we purchase the home under an individual LLC(ie. 123 Candy Lane, LLC).

Any help would be appreciated.

Josh