Best things to have in a partner agreement

[Leland S.]

I'm starting a joint venture with someone where I will be the primary investor on a house flip. I haven't done this before so obviously I want to be protected legally since it's someone I just have met (on here).  There is potential to do more deals - at least I hope this ends up being profitable and we can continue doing this. The property is in greater Phoenix Arizona and we are both residents here.

Some questions I had (for both tax and liability benefits):

• Should I operate out of my own LLC (as far as dispersing the funds and signing agreements)?
• Should we start a partnership? 
• Should I use the partners LLC for the title, or only if I am listed as a partner?
• Who should hold the title?
• How do I ensure my investment is insured by the property? (holding the title I presume)

Inputs are appreciated!