Partnering on a property / LLC?

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Hello - My friend just bought a duplex to be a rental property where he had to put $60K down as a down payment. He said if I pay him $30K I can be in on the deal and we can split it 50/50. I have a few concerns and was wondering if I could get some help -

1. How can we set this up so that we both get the tax benefits of the real estate despite him being the only one on the loan and title?

2. Is there a way to transfer the house to an LLC at this point?

3. What are the biggest items we need to discuss before going into this partnership?


Reach out to a local attorney and ask them about setting up a joint venture agreement for you.  This allows you to both operate as separate entities without the unnecessary entanglements that come from partnerships.  

As for the title, that same attorney should be able to draw up a new deed to secure your entities position in the property. Once you record the deed with both of your names, it is now 50% (or whatever your JV agreement says) yours