Secure way of accumulating money for joint venture / LLC

[John Paul Terragnoli]

Me and five friends are looking to buy a condo to use as an Airbnb. We'd like to form an LLC, each contribute our money to the LLC, then buy the property in cash. Once we have the property we will consider a refinance to pull some money out.

We all live across the country. The property is in NM so the one friend who lives there, as an active real estate agent, will be handling the closing process. He is the managing member of the LLC.

We've done this before under different a LLC, but this time we're in the middle of setting up the LLC paperwork (he talks to the lawyer tomorrow). Last time me and him signed a corporate resolution before I sent the money to the LLC. This records the transaction and specified that it must be used for buying ownership of the LLC. After the money is collected, the LLC operating agreement is finalized with percentage of company ownership and the temporary corporate resolution used for sending the money is voided.

However, a deal just sprung up and we're trying to operate fast. All of us would have to send money while the LLC is still being created. Obviously I trust him or I wouldn't be doing business. However, everyone keeps telling me to do this the professional/safe way, which is how I came up with the corporate resolution idea for last time. So, is there a quicker option that is still legally protecting? Im deployed right now so it would have to be a wire transfer.

I’m pretty new at all this. The last corporate resolution we did was my first real estate purchase ever. We closed in December and it’s going fine.