Do I need an LLC to work with investors and other people?

[Charissa B.]

Here is a scenario:

Investor provides cash to buy house.

I buy house in my name with cash from investor.

I work on house with a partner to fix up the house and find subcontractors as needed.

When house sells investor gets money back plus profit.

Myself and partner split the rest of the cash.

Since the house was in my name how do I pay my investor and partner so that the IRS knows I should not be taxed on all of the profits?