Buying 50% interest in a piece of property

[Reco Ford]

I live in the State of Virginia and a friend is about to close on a piece of property in the same state. I would like to purchase 50% interest in the property. We already have a buyer inline for a quick flip. I plan to type up a document with the court house record info and state my purchase of 50% interest in the property and have it notarized. I'd like thoughts on if this would be enough to satisfy the legal requirements to show when it comes tax time?