How to partner on a potential deal?? Help please

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My husband and I may have an opportunity to partner with my mother-in-law on a deal. She owns a home in West Philly that is vacant and she's interested in fixing it up and renting it out. Another option is that she is willing to let us sell it as a wholesale transaction as a last resort. We are completely new to REI. We have both scoured the forums, we listen to the podcast, and we have all of the free eBooks. My question is, how can we partner with her and what does that look like? Any suggestions? Thank you in advance for your help!

P.S. I have an inactive Real Estate license and it will be renewed soon. Still I have little real estate experience. 

I would think the easiest way would be to create an LLC in both your names. Put the house in the LLC ' S name. Then keep a separate bank account for the LLC. You can split the profit monthly, quarterly, or annually. Just make sure you keep enough in there for expenditures.

This sounds like a great opportunity! I'd you, your husband and mother in law have to decide whats more important: 1) residual cash flow or 2) quick (relatively quick) cash right now. 

Either way the simplest partnership is splitting profits 50-50 between her and you (and your husband). If you decide to fix it up, that also means splitting any contractor bills 50-50 on the front end, then splitting whats left of the rent after the expenses are paid. If you decide to wholesale it, you would just split your fee 50-50 the day of closing.