How to Hold Title in Partnership, LLC,

[Rijm D.]

Hey BP. Doing my first Partnership with someone I met on BP. We will go in 50/50. He found the deal and secured a HM lender for the 80% based and secured on the property itself. I will pay the 20%, fees, closing, EMD, Rehab costs and we will work together to get the rehab done ourselves and with professionals. We won a tough Hubzu bid and intend to rehab it to flip in 4 months time but also consider to hold.

Question is, how should title to the property be held? Dis/ advantages? In his name alone, or both of us? Do we need an LLC together or each one an LLC or just in our personal names? Tax benefits? I would like my money back out as it comes from a Heloc I have to pay back, and I try not to have this hit my Debt to income for my preapproval with a bank to buy more buy and holds in Indiana. Does holding a Title interfere with that?

We wrote out a contract with all details following a BP partnership template. Will that contract supercede everything else? What did you find important to mention in it? Buy out clauses, ...We intend to be honest and nice and hope not to need the contract anyways, but death clauses and such are important. 

Thank you, 

RD