Newbie at BRRRR - Partnership Q

[Luke Grieshop]

Hey all! Wasn't able to get much visibility in the other forum I posted this in, so sharing here.

Me and a friend of mine will be partnering on our first BRRRR deal. I am an out of state investor, and already purchased the place in cash. Because he is local and has some experience flipping, he agreed to fund the repairs and oversee the project. Once the rehab is complete, we will rent it out and go put financing on it to both reclaim our upfront investment. Although he will only be spending about 50% as much on the repairs [vs. what I spent for the purchase], we are splitting cash flow/expenses post-rehab down the middle, seeing as he's bringing experience and project oversight to the table.

My 1st question for you all, is what boxes should we be checking to ensure our partnership is setup legitimately? The two main things that come to mind for me are (1) forming an LLC between us, and (2) creating a general partnership agreement that outlines the terms of our deal(s). My second question, is how should financing be done once we go to the bank? Should we take a loan out in the name of the LLC? I'm unsure how this part works, considering the LLC would technically have no credit history tied to it. Or if that even plays a factor?

Any advice on this matter is more than appreciated!