JV on First Fix and Flip

[Tiffany C.]

I'm about to embark on my first fix and flip. I have one partner who will be funding the deal with a HML and some cash reserves. I need help on setting this up properly. Each of us has a separate LLC but we are also creating an LLC for this one deal. My questions are

If my partner secures the purchase and rehab funds through the Hard Money Lender in his LLC, will we be able to get our joint LLC on the title? Should we qualify the funds with the HML under the joint LLC. If not, once we form the joint LLC should we get a bank account for that LLC and have all the funds circulate through that one account or should my partner who is funding the deal keep all the funds in the bank account in the name of his LLC and just cut checks from that account?