Buying a flip with two partners: How do I structure?

[Scott Hollister]

Hello all,

I have a unique opportunity in my hometown. Its a great deal, good neighborhood, straightforward cosmetic flip. The property just posted last week and we didn't want it to go so I made an offer in my business LLC (Which already has a hard money buy and hold in it, until I refi out this spring)

Its looking like we are going to get it.

Purchase 110k

Rehab 25k

ARV 185k

Heres my issue with financing: 

• One of our partners is bringing cash (His mother at 10%) with rehab costs included 
• Does she just wire the money before closing? 
• Seeing how we all trust each other and its in my LLC, how do I transfer the property after we take ownership of it? I don't mind holding it in LLC but I am just worried come tax season and I want everyone protected.

I have never done private money and this deal popped up and couldn't pass on it. Ideally I would've liked to have done more homework beforehand. Thanks for the input!