First Time 'Fix n Flip' with a partner

[Mitch Stubbs]

Hey everyone,

A buddy and I are interested in getting our feet wet with our first rehab project this spring.  I feel like this should be a basic question but it's hard to find a definitive answer to.

We'll be splitting the cost, labor and profit 50/50 but have no entity setup at this point.

1. Do you suggest talking with a CPA to form a partnership. Mainly to setup a business checking account and have an Operating Agreement. Or is this overkill at this point?

2. If not, for tax purposes, how do we keep track of all this for our tax prep?  Just detailed expense and income through Quickbooks?  Keeping detailed record of all purchases and receipts, etc.?

Thanks for your help!