How to structure a flip with a partner?

[Giovanni Pisano]

I would like some advice on how to structure a flip with a new partner. I have done a few flips already using my LLC and hard money. However, I have a partner interested in doing the next one. We will be using a hard money loan to fund the deal and sharing the costs of the down payment and repairs 50/50. Can the property be bought using 2 LLC's or should we open a new LLC together? I assume a new checking account will have to be opened in both our names but how will that work with 2 LLC's if we are able to go that route? Any other advice that someone can provide would be appreciated. Thank you in advance.

[Mike Burkett]

@Giovanni Pisano Have you ever done any business with this guy before? Do you plan on doing future deals with him? If you are not sure and want to use this deal as a test run, you might consider running the deal through your LLC and your bank account. You and the partner would execute a joint venture agreement stating all the terms of the deal (i.e. who puts up the money, who does the work, who makes the decisions, how are sales proceeds split).