Mortgage/LLC structure tax liability in 100%/0% partnership.

[Shalin Patel]

My father and I are working on our first triplex deal and plan on transfer to an LLC after closing. I will be supplying the down payment for the mortgage and initial costs. Ultimately we would like all the profits/losses/expenses to be under his name so there is less tax liability. Do we both need to be on the mortgage and deed? Or can he just be a member of the LLC with 100%/0% split.

Thanks in advance. I couldn’t find an answer after searching through the forums.

-Shalin