Primary to Investment Property with partner

[Ben Walker]

I bought a single-family fixer-upper in November with the intention of it being my primary residence once the work is completed. After buying it, my buddy who flips houses, suggested we partner on it and turn it into a short-term /mid-term rental. 

He proposed that he would do the work and pay for the repairs and we split the deal. 

Is it possible for me to flip this into an LLC and split the house with him 50/50? Would it make sense to do this before the end of the year?

How would this impact the refinance opportunity if I own the mortgage? What about taxes for him with him paying for the cost of the updates? 

Long story short - we want to partner on it and want to understand how it would work for both of us.