Question regarding operating agreement

[Emilio Pereira]

Good evening all! 
I have a quick question on how to properly structure a deal that I am going in with a close friend of mines.

We have found an empty lot where we plan on purchasing with a construction to perm loan. Me and my friend are going half & half on the down payment, closing cost, and any other cost associated to get this done. The twist here is that he will be on the only one applying for the reason of tax return purposes. 

I assume we cannot apply for this loan as an LLC because we are going for a the conventional rate loan to try to take advantage of that rate.

Question 1: Can we get this construction loan (assuming we get the conventional construction to perm loan) and sell immediately as soon as the house is done or do we have to wait a year to sell it? 

Question 2: What type of document would I need to include myself somewhere in a contract to protect myself since I will not be in the original note/ application process. Is there a operating agreement we can sign? Is there a way we can include an LLC in this deal where I'm tied to the LLC and the property?

Any help on this would be greatly appreciated! Thank you!