How to buy with a partner
Hi all, thanks in advance!
The problem: My partner and I are purchasing 4 residential income properties. He is taking on the 4 conventional loans because he is bankable, and i am currently not since i got laid off from my w2 job.
My ask: How do we go about splitting the funding after closing. Yes, we will have an operating agreement but essentially how can I pay him my portion of the 25% down payment(12.5% each)? He does have an LLC and I'm not sure how to avoid any tax implications or whatever may come if i just pay him $100k. Any suggestions?
I’ve searched around but it seems to be a “grey area”.
Thanks!