Include partner’s name on title?
My business partner and I are putting in an offer on our first property. I will be supplying the capital for down payment for this first property. The preapproval and loan will be in my name. We plan to transition the loan to our LLC in near future so it will be protected.
Question #1: should I put both mine and my partner's name on the property/title? Or just mine, since it will then be transitioned to the LLC. Assume just put it in my name, but curious pros or cons of listing only mine vs. including both names?
Question #2: I know setting the loan initially in LLC's name would make it a commercial loan, so instead doing loan in my name and plan to deed it into LLC after. Will that then convert it to a commercial loan? And if we plan to BRRRR it then should we wait to deed into LLLC until after the HELOC?
Question #3: if you work with a partner(s), what is your strategy for determining equity split? We plan to evenly split the workload and roles and responsibilities, so my thought is to split equity based on investment. My down payment investment vs his rehab investment, and then we split the cash flow 50/50. Thoughts?
Appreciate any and all coaching and feedback on any of the above 3 questions. We are new investors in Kansas City area, so feel free to message me on here and would love to learn more. Thank you in advance!