How to work with a builder to flip homes

[Daniel Kosciuszko]

I would like to flip homes with a friend who is a contractor in NJ and I am trying to figure out the best way to structure an agreement between us. I have the financing and he has the building skills and about. Originally I was thinking I would buy the house with a asset backet loan and he buys all the materials and labor and we slip the profits 70-30 where I keep the 70 percent. And we write up a contract and get it notarized. I have access to 800K and he has about 250K he can use on materials/labor. I'm sure and LLC would be the safest way to go, but would it be okay if I buy the house under my name only and then we just sign an outside business contract? If not, how should I structure the LLC? Would it be separate LLCs for each of us or one LLC and how would we determine how to slip the profits? Thanks!