New Construction 50/50 JV?

[Manny G]

A friend of mine owns a lot and wants me to build a spec home on it to sell and we split the profit 50/50. He works a full time job so I would be in control of 100% of the project. If he puts up the lot and gets the construction loan, what's the best and easiest way to structure this so that we are both 50/50 partners?

Thanks !