What are you looking to protect yourself from? you could both set up an LLC and hold the property there if you are really concerned. If you are looking to protect yourself from your partner a written contract would probably be best.
It's not as easy as doing everything yourself. But if you want everything in check, you should have an attorney write up a partnership agreement to share in all profits/losses equally (or whatever the specific agreement is).
@Michael Gessner unless you will be partnering on all of his flips it is somewhat unlikely that he would want to add you to the LLC, the partnership agreement written up by an attorney may be your best bet.
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