Live in flips with investors

[Jonathan Smith]

If you do a live in flip with an investor, how do you account for the taxes when you sell the property and the profits that you will send the investor. What I was thinking is that the I would have to pay the capital gains on the house prior to sending the investor their split. Is there a form that you send investors for MISC. income. on the profit received. I know I will have to see a tax accountant but wanted to get a quick idea on the process. Thanks.