However, the purchase price is less than the amount the seller owes on the loan, so he would be responsible for closing that gap before transfer of ownership.

Yes, title is transferred to your name.Yes use Escrow.

Make sure it clearly defines who handles day-to-day decisions, which actions need unanimous consent, how capital calls are triggered and enforced, what happens if someone won’t or can’t fund, how transfers work, and exactly how disputes are resolved.

I can transfer my ticket to someone for $500.  

Asking $800/ticket for the general admission ticket.I'll transfer to your name via the Bigger Pockets support team upon payment receipt.Thank you!

In my market there are transfer tax obligations.

Proc. 2002-22, which outlines key features like:- Each co-owner holding a direct, undivided interest in the property- No centralized management or pooling of income/expenses- Freedom for each owner to sell or transfer their share independentlyIf the agreement is too collaborative (e.g. shared profits, joint decision-making, or a “manager”), it risks being treated as a partnership, which is not 1031-eligible.Since you’re living in the property, your portion is considered primary residence use, which doesn’t qualify for 1031.

Essentially transferring equity to an investment with higher potential or that achieves goals.

That gives you capital for your next deal while keeping the asset working for you.LLC vs. personal name: Many investors close their first few deals in their personal name (better loan terms), then transfer or structure under an LLC later for liability and scaling.

Given your background in business and repair work, you already possess valuable skills such as attention to detail, problem-solving, and client relations, which are highly transferable to real estate.To begin, consider enrolling in real estate courses or seeking out a mentor in the field to gain insights and guidance.