Joint Bank Account with Rehab Partner

[Michael Washington]

I was recently able to secure three rehab deals in Baltimore, MD. I have an investment partner who is also a commercial contractor but interested in diversifying doing residential development and future buy and holds. He is willing to provide capital for the downpayment and closing cost. The properties are in my LLC and the loan is in my name. However, he wants to have a joint checking account - which would hold the deposit AND the funds/ payments from the loan. Additionally, he wants to be paid from the draws on the loan for scopes of work he is performing. He will hold contracts and provide labor and material for the majority of architectural work (i.e. framing/ drywall/ flooring)

I have never done this and I could use some guidance/ thoughts from those who have done something similar. What are best practices? Should I have a joint bank account? Should he be paid from the draws for work performed? (I think it is reasonable). Should he just write a check to the title company? Should he have 2nd position lien rights to the properties?