Buying in a partnership (using only one partner's name)
I am starting a partnership with a friend where he found the deal and will do the work, while I put up all the money. The issue is he has to initially buy it in his name because he is doing a shortsale. How do I protect myself between the time the deed goes in his name, and the time he quit claims it to the LLC we created with an Operatinf Agreement which acknowledges my captial contribution? Do i need an interim partnership agreement which says I own 50% of the property until it is put in out LLC? Or should I record a temporary note and mortgage with my partner?