How should I setup this business deal?

[Konrad R.]

I have a family member that wants to get into house flipping as well. I'm thinking about loaning him the money for the first flip. 

Some key criteria are:

-I want to purchase the house in my name.

-The taxes will be paid by him through his newly formed LLC

How can we set this up? I guess it could be looked at as a loan. For simplicity, let's say I do not profit from this deal. 

Basically, I will buy a house. Turn it over to him. Then I will sell it when it is rehabbed. Unfortunately, this will look like I made a large capital gain. Is there a way to setup this deal and protect my interest?

[Jerry W.]

The easy way is to do a mortgage with him as the owner.  If you truly trust him you will not have to foreclose if he doesn't pay.  He would have to trust you in order to have the house in your name while he does all of the work.