How do I structure a joint venture legally

[Tiffanie Harris]

I have a friend who has inherited a house from her deceased mother that needs a lot of work. My friend wants to renovate the house to sell but doesn't have the money to do so. My friend has asked me to partner up with her to flip the house since I have experience in flipping. I'm considering to do so but I have not partner with anyone to do my previous flips. So with that being said, I need to know since she owns the property free and clear and by me funding the rehab cost and operating expenses, what should be the profit split? And what type of agreement, documentations, contracts, etc. should my friend and I be signing. I want to make sure my financial contribution in this deal is protected before I agree to go into partnership with my friend to flip this house. Please advise. Thanks