How to structure a flip with a partner through an LLC

[Emil Degan]

Hello I'm sorry if this has been asked before but I haven't seen anything on my specific case.

Me and another GC friend of mine want to flip a house together. He already purchased the home a few months ago and the title is currently in his own name.

-He approached me to do the flip together and split profits 50/50

-We opened a LLC together 50/50 partners

What is the correct way for me to reimburse his down payment and transfer title to the LLC?

Do I write him a personal check for 50% of his down-payment, then he goes and transfers title to the LLC?

What is the correct way to do this with the best tax benefits?

Sorry if this seems obvious, I'm not a financial expert and just want to be sure we do this in the least confusing and most tax beneficial way.

Thank you for your help!

[Eamonn McElroy]

@Emil Degan

You're asking simple questions about a complex multilayered nucleus.

What are both of your needs, wants, and resources regarding the venture?  What are both of your individual tax circumstances?

Everything is open to negotiation.

Ideally you'd both have attorneys and tax CPA/EAs to consult for this new venture.