Working with Another Investor - How to Protect Myself

[Jay Miranda]

Hi BPers!

New investor in Anne Arundel County MD, looking to do a deal with another investor colleague of mine. He will buy the property cash and I would put up the rehab money.  We would then split the proceeds from the flip.  My question is how do I protect myself contractually or otherwise if things go south?  I am not on the title and I understand I could always put a mechanics lien on the property, but are there other safety measures I could put in place to limit my exposure?  Thanks in advance for your help!