How should I create a contract for my partnership?

[Ethan McRae]

My business partner and I are interested in buying a property together to househack for a year or two before moving out and renting the place out entirely. So far we have been preapproved for a loan and are working with a great agent. I have a solid foundation of RE knowledge however, I know nothing about how to go about forming a contractual agreement between us. I was wondering...

1. How exactly would we form a contract? Would a lawyer need to be involved?

2. What would need to be included? I know generally that we need to state that we would assume equal ownership and evenly split the cashflow from the property but I would like to know more specifically what should be included. 

3. Would forming an LLC be necessary at all for our situation? This might be the topic of a completely different post but I thought I would throw it in.

Many many thanks!