How to set up profit-share between investor and contractor?

[Chris Calabrese]

I'm trying to get a REO under contract, cash purchase. I have a good contractor that will do all the rehab, and in return I will split the profit with him (not sure on the % yet). What's the best way to set this up from a legal/tax perspective? I just want to make sure that I don't end up with the entire tax burden. Could we hold joint title? I'll obviously consult a lawyer, but I figured I'd check the wealth of info here first.

Thanks,

Chris