How should I structure this wholesale deal from a legal and tax perspective?

[Jake Silcott]

Hi all,

I have a business partner with whom I've done several fix-n-flips with, who recently purchased a house with the intent of rehabbing and selling it. He's already closed on the property under his personal LLC. After a discussion we had he agreed that if I could find a cash buyer for the property at a certain price, he would forgo the rehab and just wholesale it to said cash buyer. We would then split the profits. Acting as his business partner I was able to find a buyer, but I'm unsure of the most tax beneficial way to structure the deal. My question is how do I collect my portion of the profits in a way that minimizes my tax burden the most? The only 2 options I can think of are that he writes my LLC a check or we form a JV. I feel like I'm missing something here though. Any insight is much appreciated.

Thanks for taking the time to read my post.