Advice on structuring Partnership

[Michael Evans]

Hello BP,

Question on the below scenario

I was browsing the BP market place and found a property for sale in the market area i usually invest in, i recently moved away. I reached out to the seller and recieved information about the property, upon further discussions found out he had it under contract but could not finance the deal, so we disscussed partnering on the deal. Number are 140K purchase price rehab budget 10K no labor cost and ARV 215K to 230K. I currently live out of state and he is local. I will finance the deal with the cash and credit score and he found the deal and is pretty handy, he will do the work and manange the property we are looking at forming a joint LLC. Long term hold with everything split 50/50, including cash after refi.

What are some ways of structuring this partnership?

What are some ways we protect each others interest?

We will use hard money and refi into a conventional long term loan( BRRRR) any advice will help?

LLC vs joint venture agreement, what would be best?

Thanks for the help BP family!