Protecting myself in my first flip

[Mason Snyder]

I am contemplating putting an offer down for my first flip. My partner lives in Ohio, has done multiple flips, and is also a contractor. We have set up an LLC. He's suggested that because he is on-site and will be doing all the repairs that I cover paying for the house (it's a foreclosure, is relatively cheap, but would use up all of my half of the money we've agreed to put in to the project) and he'll cover all the repairs. We don't have a joint bank account in the company's name set up yet and final offers have to be in this weekend. What's the best way to protect myself in this whole deal and since it's my first? Thanks