Best way to close this deal?

[Steve Flemming]

Just locked up a property with a partner. I'm putting up all the funds, including repairs. He's doing all the labor and managing the project. We will split profits. Thing is he actually made and got the offer accepted (REO) in his name . Bank Addendums came in and do not allow assignments or financing or deal is off. I need to make sure I have sole ownership since all $$ risk is mine. Partner suggested he just quitclaim it to me after his closing with my money. Not sure I'm comfortable with that. Any suggestions??????