Co-owning/Developing land as a shared LLC?

[Carter Wallace]

Hello BP Community,

I'm in discussions with a friend to co-own land as an LLC, and each build a home on it. I have a few front of mind questions, but would appreciate any comments relative to blind spots I might have. Questions:

How does borrowing against a shared LLC work, say if I want to Build and BRRR? Can I leverage my %50 of the property value to further invest?

My friend has agreed to let my family inherit the property after his passing, and I would like to pass this down to my children. Anything to note on LLC's and transferring ownership to a child?

Cheers,

Carter