Splitting profits with partner
My buddy and I looked at a property about two months ago. He was unable to obtain financing, so the P&S agreement was written in my personal name only. I planned on adding him to the deed shortly after closing, so as not to complicate the process. The plan was for him to pay 50% of all costs needed at closing. After closing on the property yesterday, I was told that in order to add him on the deed, there would be a significant transfer tax, as we are not related. I was unaware of this, as I had previously added my wife to some of my properties in the past at no cost. Looking for advice on how to go about adding him on the deed while hopefully avoiding a transfer tax. Are we better off leaving the deed in my name only and splitting profits 50/50%. Any help would be greatly appreciated.