Thoughts for Joint Venture

[Austin Hanse]

I'm looking at buying a property as a BRRRR deal with another investor. We would be putting around $50k in the deal and then refinancing at about 65k ARV. He has the money to fund the deal and the costs, and I would put a couple thousand in and help with the rehab, as well as managing the asset. He would also help with the rehab when he had spare time. My question would be, how could we structure the deal? And how can he protect his investment? I don't know the process of protecting him in the deal but hear things like using a promisory note or joint venture agreement. What's the best/most usual way to go about this?

Thanks!