How do I use cash to cover my partner's equity?

[Kevin Brown]

I'm planning to partner with my son when he turns his current house into a rental.  We'll be 50/50 partners.  If he has 50k in equity, how do I legally get 25k to him to cover half the equity and not trigger a gift tax situation?

We'll probably start as a general partnership but may end up as LLC.

Any ideas would be appreciated.