Single member LLC working with outside investor on per deal bassis

I have co-worker that wants to go in with me on a few small rehab projects and wants to split the profits. He does not want to be a "business partner" he just wants to split profits 50/50 and I 1099 him at the end of the year. Has anyone ever heard of this or done it? I'm just curious how it should be structured on a per deal basis and I can still pass my profits through my company without "mixing" my business with my personal. I'm also going to be taxed as an S-corp not sole proprietor if that makes any difference

Any help would be extremely appreciated!!!!

Thanks,

Alan Knight