Structuring/tax advice--buying rental with my daughter

[Jeremy Fruechting]

So I have an LLC and own a few rentals. This year my daughter turned 16 and Grandpa gave her a cash birthday gift. So we're buying a rental together. It's owner finance, cash down payment of $2500, all costs (5%down pmt, a couple light repairs, holding, closing) $6k. We're going to split the costs and ownership 50/50. How should we structure this? Does she get added to our LLC? or make a contract with our LLC and her? Or something else?