How do you structure JV/partnership?

[Matt Stevens]

I am wondering how everyone structures a JV/partnership? Situation: Looking to build a new construction spec home in California. New partner we haven't worked with before will have 50% equity in the property and put in 50% of the money. This will be likely just a single build, not an ongoing partnership.

What is the cleanest way to do this? Tenants in common? Start a new entity? 

Trying to keep this simple, but want to have protections in case the other partner were to run out of capital during the build, etc.  Also want some liability protection. As a new build, we will be responsible for some repairs for periods of time after sale, so need an agreement that will keep both parties responsible for those.  Any help appreciated!