Working with a limited partner on an upcoming SFH purchase in Austin. Partner lives out of town, and is only a money-man. We are splitting the down-payment 50/50 (~$20k each).
How can we structure this mortgage process so the partner has to do minimal work? Right now we have both of our names on the loan, and it's causing my partner to have to spend lots of time submitting documents, and will require him to come in from out of town to sign the closing docs. Want this to be an easy process for him so he is not deterred from doing more deals in the future.
I am ok with having only my name on the loan, as long as only my name is then on the house, which my partner is ok with.
We considered having him just gift me the funds, but I believe there is a tax incurred on gifts greater than $14k. Any other ideas on how we can minimize work required on his end/potentially not have him on the loan?