Tax Implications of Flipping Partnership

[Jessica S.]

I'm planning to partner with a friend on two flips in 2014. We will each be contributing equal amounts of money to the projects. Since I only anticipate doing two flips next year I'd prefer to declare the profits as investment income on my tax return rather than business income. Would the partnership preclude me from doing this? Can we just divide the sale prices and cost basis' in two for our respective tax returns?

If that isn't possible, what are our alternatives?

These will be cash purchases so it would be possible to form an LLC instead of a partnership. Would that be advantageous from a tax standpoint?

Thanks for your help