Best method to partner for a quick flip

[Eric W.]

My friend has approached me with an opportunity to partner with him for a quick flip and I'd appreciate any feedback on the best method to proceed. He owns a piece of property in a growing neighborhood and has priced a pre-fabricated 3 bed/2 bath home. A local real estate agent assures us that we can expect a quick sale at a price that is well above our all-in cost.

My friend would like to split the cost of the home, and then split the profits from its sale net of fees and land cost. On paper this is an attractive opportunity, and I have the liquid funds sitting in a bank account, so I am ready to proceed. How would one best structure this deal though? We have a partnership LLC already for a shared storage locker business, and we each have personal LLCs for other real estate investments, so there are a few options here.

I had thought of just making a contract and giving him a loan for the amount of my investment with stipulations that we split the profit upon sale or he purchase my interest in the properly if the property isn't sold. We could also put the property in both of our names, but I'd be interested to hear other ideas or the positives and negatives of the ones I've proposed.