Flipping with a partner?

[Steve Seerey]

Help...About to buy a flip with a friend 50/50 split of profit. He is going to buy it as his personal property with the intent of selling it 6 months after purchasing. If he sells it in his name ( pays short term capital gains or applies for the 2/5 year exclusion), is there a way to lower the taxes on our profit? Can we claim we made a "salary", but isn't that the same tax rate we already pay? How do we lower the tax rate on our profit he cuts us?