Co-Funding a JV: How to equally secure interest?

[Paul Jamgotch]

I am co-funding a JV with an unrelated individual. We are each funding 50% of the project and have a third acting as GC. We will have a 1st lien with GC/title holder. In case of a default, how does the co-funder and I secure our 50% interest? We do not believe an LLC is necessary since home will not be titled to us.