Using my own LLC to purchase a property with a 50/50 partner

[Jackie Sawyer]

I am under contract to purchase a first rental property with my son 50/50. This will probably be his only investment, although I plan to buy several more in the next year on my own using an LLC. I am wondering if I should take title to this first property 50% in the LLC (as opposed to my name) and 50% in his name. Any comments or feedback on this?

[Crystal Smith]

Quote from @Jackie Sawyer:

I am under contract to purchase a first rental property with my son 50/50. This will probably be his only investment, although I plan to buy several more in the next year on my own using an LLC. I am wondering if I should take title to this first property 50% in the LLC (as opposed to my name) and 50% in his name. Any comments or feedback on this?

I recommend you research Landtrusts and see if you can close the property inside of a LandTrust. We use land trusts to keep our names and our LLCs off of the public record.  There are other benefits which I won't go into here.  The only challenge we have run into with Landtrusts are some lenders won't allow it.