Does every invoice need to be paid equally in a 50-50 property flipping partnership?

[Aamir K Goriawala]

Flipping a property with partner and have a partnership agreement to split all costs  & profits 50 - 50. We are tackling it as a sole prop using our personal SSNs. 

Question - Do we need to pay every vendor invoice (contractor, appliance purchase, landscaping, insurance) equally for tax filing or just need to ensure that our total rehab expenses are paid 50-50 by us over the project. For e.g. if I purchase the appliances, can my partner just pay the half he owes me for appliances to the contractor to settle the tab between us?

[Bill B.]

You can settle it anyway you both agree. Might be easier to open a joint checking account and just make equal deposits when required and keep a balance to reduce number of deposits required. Of course I’d also be using a credit card to collect the 2% cash back and provide easy accounting. And just make payments from the joint account.