How to receive funds from partner?!?

[Andrew DeWeerd]

Hey everyone, I’m on my first investment deal right now, with my partner/father. He is putting forward the entire down payment, 25%, on the duplex we are going in together on. We made an LLC, but obviously can’t get financing through an LLC, so going through my name(with plan to quit claim), and my lender as part of the funds verification process is asking for my dad to submit a “gift” verification form. The concern we have is that if it is considered a gift, then will the IRS tax as a gift? Because it should be that these funds are for our partnership in this investment. I appreciate all your wisdom in advance, it’s difficult sometimes with these nitty-gritty things I don’t always get covered on the Podcasts and forums. Thanks BP!!

[Peter M.]

Why not get the loan in his name then deed it over to the LLC? Do you have to use a quit claim in FL? They are the worst type of deed, why not just do a special warranty deed?