First flip/first partnership

[Cody Cox]

I have an opportunity to do my first flip by partnering with a friend. He already owns the house and has been renting it. Now he wants to flip it but has no cash nor credit. He wants to supply the house and I supply the renovation budget. We split profit 50-50. I am wondering how we should work out a contract together. Should I get my name on the house as a co-owner or is there a way to have a contract that has me as an investor/contractor that doesn't allow him to sell the house and not pay me. I was also wondering if I set myself up as an investor and never actually own the house do I still pay capital gains tax?