Flipping with family & tax implications

[Jamie Brayton]

My husband and I would like to do a flip and partner with my father.  I'm looking for advice on how best to structure this. We'd like to split net profits 50/50 and I'd prefer if he can also get the tax benefits. 

Additional information:

-Each party is bankable and both have capital for down payments. For each deal, I'd prefer if just one party is on the mortgage and title. I'd like to keep this simple and official debts divided. If one party were to walk away (which won't happen), the other party could handle the property. My husband and I have business and real estate experience and my father is a contractor. 

-I'll be handling all of the books and operations. My taxes are already incredibly complicated and I'd like to avoid complicating them more. I would like my father to get some tax benefits to offset his W2 income, but paying his as a contractor is also an option. However we structure this, I'd like him to receive 50% of the profit. 

-We currently hold property in our names or in a single owner LLC. I'd love recommendations in this area, as well.

-We've already considered the harder questions regarding the obstacles attached to partnering with family and he's done a tremendous amount of free work for and with us already. It is time to start making him either an official or unofficial partner so he can benefit from this as he moves toward retirement.

Thanks!