Partnering up with a person I don't know. How can we structure this deal and protect ourselves?

[Dmitri K.]

Hello all and thanks in advance for all your feedback. So i am just starting out and have not yet figured out what I want to do, but there is one thing that I am seriously considering.
I was recently introduced (through a friend) to this guy who does flipping. He's been doing it full time for a few years now and knows his game. He has some cash, but does not have good enough credit to qualify for a high loan. I, on the other hand, have good credit and ability to get a loan, but barely have any cash. So this is his offer for me: he comes up with 30% downpayment + cash to fix up the property. I am responsible for getting the rest of the 70% through a bank loan. The loan would be in my name only, but we would hold the title 50/50. We agree to split the proceeds 50/50 after all expenses (repairs, fees, commission etc.) when the house is sold. It all sounds good and dandy, but how would you go about protecting yourself? Is this even a viable proposition? I am inclined to make this work and have a positive outlook. The guy seems legit. But I want to protect both of our money in case something goes wrong. Has anyone been in a similar situation, and if so, how did you gain confidence in this type of deal for all parties involved? How do we protect ourselves?
Thank you all for your advice and help.
Dmitri.