New Partnering Question

[Johnna Stark]

Need some advice on a tricky one. My wife and I are working with a close friend who is also doubling as our real estate agent for a flip and hold property. We decided to go in 50/50. Is it better if he stays off the title and loan but draw out a contract to pay/collect 50% of everything or should he get on the title and/or Mortgage? What about tax purposes... would it make a difference? We are using a conventional loan with 20% down and that is currently under just our names and not the friend's (just in case that also makes a difference).

Thanks in advance!

Summer Stark