Is this the correct LLC strategy for a flip?

[Tracy Briggs]

Tom and Jim have plans to buy a house to rehab/flip or rent

Tom already has an S-corp established for his existing real estate company. Jim wants to establish an LLC for his company.

Tom and Jim both agree to have an attorney draw-up an agreement that states each of their responsibilities (financial & other) and how to split the net profit.

Question #1 - Is there a name for such a legal document?

Question #2 - When Tom & Jim buy a house together, do they create a 3rd LLC?

The purchase price is $60,000. Tom and Jim agree to split the 20% down payment at the bank ($6,000 each) . . . the loan will be in Tom's name (not his company name).

Tom will order materials, arrange contractors, pay monthly mortgage/utility bills.
Jim will provide the $15,000 in cash needed to rehab the property.

Tom = $6,000 initial cash (plus) time = $6,000 cash outlay
Jim = $6,000 initial cash (plus) $15,000 rehab cash = $21,000 cash outlay

Question #3 - how would the deed read?

Question #4 - what am NOT thinking of?

We will meet with an attorney but curiosity killed the cat until then.