You're not changing the tax payer.Now, that being said it's a whole different ball game if you're setting up an LLC that will have it's own ein, be taxed as a partnership, and have to file it's own tax return. 

partnership How did you find this deal and how did you negotiate it?

I'd spend 10x more time on a partnership agreement than I would on a business plan, as it is going to have much more of an impact. 

I'd draw up a partnership agreement that spells out the terms. 

Im a member in a 50/50 partnership LLC that flips homes.

You want to make sure of two important things:The title change doesn't trigger a transfer tax.The bank is okay with you making the change (shouldn't be a problem, but you want to be 100%).

Does anyone have any advise on how to cover-off  'if one person wants to exit the partnership or "cash-out" of the partnership'?

In terms of working with an out of state investor who is looking to flip houses in my area,If I have a team with a realtor and contractors and was asked for a contracted partnership with an out of area investment group who would like us to handle project from beginning to end, what kind of percentages and contracts would be reasonable/typical for this type of partnership?

Fortunately this partnership has its inherent advantages with not needing to go out and find a trustworthy contractor.

My question is in regards to how to structure the partnership from a capital allocation standpoint.