First flip with partner - LLC and banking question

[Kevin McCabe]

(I'm sure it's out there but I just couldn't find it!)

My coworker and I are teaming up on a side project to flip a house. We assumed that forming an LLC would be the first step, but thought it wise to confirm with you experts. Good move?

Also, we are each putting in a good amount of cash, but not enough to finance the whole thing with our cash. What is the typical financing vehicle for a two person flip? (I'm guessing we'll get a 250k house, put in 100k, sell for 500k to give you a ballpark). 

Thanks!