Partnership with contractor

[Randall Munkres]

I have an opportunity to partner with a contractor. Having a reliable contractor seems like a no brainer. The plan is to keep track of our equity ( purchase price investment v. Rehab cost ) All revenue is split 50/50 after expenses. If we sell an assist, the equity is paid out based on equity in. The contractor can achieve his equity based on an agreed upon "cost" of his time and materials.

Questions. How should we title the property. Should be INC or just a partnership.

Any advise will be helpful. These will be all cash purchases.