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Updated almost 2 years ago,
How to structure a partnership after a deal is closed under one person?
So I initially purchased my first investment property by myself (under my name / no co-owner/ borrower) back in November 2022 with an FHA Loan and very recently (within this last month) my brother & I have decided to partner up on this deal and on future deals moving forward, and we want to go 50/50 on this deal. FYI the title deed, loan & everything else is under my name currently, so im looking for some direction on how to best structure our partnership. Should we start up an LLC (thru an accountant or attorney) and transfer the property into the LLC? Or how would be the best way to achieve our goal to go 50/ 50 on this deal and future deals?
Is it better to use an attorney than an accountant (or vise versa)?
Any information or personal experiences will help! Thanks in advance.