Private money holding?

[Jose Mas Perez]

Hello I have a question, a friend of mine is thinking about investing with me as a private lender possible partner, my question is they plan on providing me the money for deals how do I go about holding the money.

My friend has been known to overspend sometimes and we all want the money somewhere safe from that, so do I open a escrow account, or a savings account until we are ready to jump on a deal?