How to structure this deal?

[Mayer M.]

Hey,

I’ve done a decent amount of flips/rentals on my own or with a 50/50 partner, but I’m looking at a new type of deal.

A friend of mine flips homes and has offered me a partnership. Basically he will obtain the property with a loan and will put 20% down and manage the flip, I will have to fund the rehab and we will split the profits 50/50.

How do I properly structure a deal like this to protect myself? How should I structure it from a legal and tax perspective?

Being that he will be obtaining the mortgage and the property be in his name I suppose I’d be in second position

I feel like it’s a great opportunity and just not sure how to get this done

Thanks!