Partnership on already Owned SFR

[Jake Williams]

Hey all! I am an investor out of Minneapolis and my wife and I are nearing the completion of a live-in flip. Our plan is to convert it to a rental and buy a new personal residence. I have been in discussions with my brother about partnering on REI and we thought that we could start our partnership by going 50/50 on this live-in flip we are finishing.

My question is, has anyone taken an existing property (100% owned by one partner) and changed the deed to include their partner and then performed an exchange of funds to accomplish a 50/50 split? What are the tax implications on a money transfer when one partner buys into a property in this manner? Are there other ways to accomplish the same goal?

Thanks for any advice!