Partnership Flip - Should we create an LLC?

[Dusty Cady]

Hi BP - Well I have successfully networked myself into an ideal situation to start my investing career. 

I am partnering with an investor who is going to be providing 100% of the acquisition and rehab costs to flip some homes in my local area. My role will be to source and manage the deal. We are going to split potential profits 50/50. 

My question is if I should create an LLC for us to actually buy the property with? Are there any concerns or pitfalls that I should be aware of? I am very excited to get going but want to make sure myself and my partner are protected in case something unforeseen happens.

Thanks!

-Dusty