How do I handle taxes with a fix and flip with a partner?

[Ryan Nodurft]

I am about to close on a fix and flip with a partner who is putting up half of the money. We didn't form an LLC before the purchase, so the house is in my name. When we sell how do I accurately split the profits to account for taxes?

Price:$87,000

Rehab: $30,000

ARV: $160,000