Taxes and flipping with JV partner

[Robert Sorrels]

I've acquired my first flip SFR, it is 800 miles away in my hometown... I connected with an old contractor friend who I trust and is very knowledgeable and eager to become a REI... I bought at auction and with some help from a heloc and have about $40k left over for rehab. He is bringing $40k as well and we think we can rehab for around $75k. This puts us all in cash at $250k and low sales comps are 405-420k.

I have a single joint venture contract for us to sign, what else do I need to do before, during, and after (taxes etc)? 

Thanks for your input!