Tax implications: About to sell rehab

With family members, I have been working (I own) on a
1 bed 1 bath condo as a rehab for the past couple of months.
We are finishing the rehab this weekend and through a barage of marketing,
anticipate that the property will be sold quickly (we’ve already received
interest and we are marketing 10 different ways).

My question is how to split the profits after the sale of this property from a tax standpoint? Meaning (since I am the only owner) if I split profits and pay my brother $8K and myself $8K, how would the taxes be handled? Although I have an LLC, I purchased this property in my own name with cash. Thanks in advance for your input.

After settlement, give your brother a check and a 1099-MISC for his share of the profit.

Dave, thank you very much for your help.