Taxes and partners

[Damien Clark]

I have a partnership in which I handle all the financial side of things (Pay for the cost to purchase, sell, rehab cost, cost to hold etc) my buddy does all the work on the houses and we just split the profits evenly when we sell. We just completed our first flip but it's something that we are going to continue to do. Some of my deals he will be doing the rehabs and some I will be hiring other contractors and keep all of those profits for myself. How should I handle the deals with my friend that we split the profits from a tax standpoint?