Investor partnership contracts

[Matthew G.]

I hooked up with a seasoned investor that has lots of experience flipping homes and I'm looking to do my first deal in southern California. In speaking with my mortgage broker he has a loan vehicle that will allow me to put 10% down with a loan amount up to $1.5M, no PMI, and 4% fixed interest only payments for 5 years. I found a property for $1.7M with potential (homes on same street are selling at $2-4M. City is Newport beach, CA. Estimated out the door costs approx $300k. Target selling price after rehab $2.5M

I am considering using the loan vehicle to purchase the property in my name, adding the partner to the title after the close, and having the partner pay for rehab costs. I would cover the down payment, secure the loan, and cover the interest payments. Goal is to upgrade and sell within 6 months. 

Because this is my first deal and this is an experience investor I don't mind taking on more of the risk. However, if the market goes bad and the rehab stalls for whatever reason, I am responsible on paper for the mortgage regardless if the partner is on title or not.

Does anyone have any suggestions as far as a contract etc that could hedge some of my risk in the event that an event like this does occur?

Does anyone feel like this is just too risky in general and if so have thoughts on how to change the structure?