Flip Opportunity: Current owner ran out of money...

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Hopefully this is the appropriate place for this post...

I recently met an agent/investor who purchased a home in the historical part of the town I live in with plans to flip it.

He bought it for $145K a year ago and has put about 50K into it ($195K invested). He has now run out of money and will soon be behind on the mortgage.

He is looking for an investor with $25K to finish the project and is promising $25K in return ($50K total). The comps I'm looking at are telling me we can get about $300K which would be a win/win for both of us. It looks like a great opportunity but I am not sure how to proceed.

I'm a new investor and just want to make sure I handle our partnership legally and protect myself as much as possible if things go south.

I'm sure I should probably contact an attorney but thought I'd see if anyone has some words of wisdom before I start that process.

Thanks!

-Nate