A partner wants to come onboard with me, but i want formality ,

[Lucky B.]

Guys, i recently put in an offer for a bank owned home and i expect the bank to accept my offer soon. The offer is $280k and a good friend of mine wants in on it because there is about 40k of profit to me made on the flip. I have a newly formed LLC and he does not. I will be putting money into my new LLC very shortly to fund it, but i need your professional opinions on how this should be done ,being that he doesn't have a LLC ,and is just willing to give me half of the cash ($140,000).

If i take his money, put it in my LLC bank account, then flip the home, all the while everything is in my LLC( title to the home) then give him half the profit after the home sells, then i will be taxed on the full profit and he will be tax free.

How do i separate his money from my money, can i make it a loan ? how do i pay him back while showing my company made a 20k profit, and and not 40k. ?

Also is there like a simple agreement form that states the terms of our agreement that i can use and put in ink so that everything is clearly understood in writing ?