My first flip - question on how to structure the transaction

[Aditya Mehta]

I am going to buy a property that is being foreclosed next week.  One of the things I had to do was get another family member to go in with me on the deal, so that we had sufficient cash to close at the live foreclosure auction.

I wanted to understand how to structure the deal. I currently have a single member LLC that I setup to hold future investment properties. Need to understand the benefits of having the LLC buy this investment property. However, how do I then account for the profit or loss that I have to split with my family member?

Also, would I have trouble refinancing the home because its owned by an LLC. One of the benefits that my family brings is that he has excellent credit which I dont have. So ideally, I would like to utilize his credit when we refinance.

Given all of the above, how would you suggest I structure this first transaction.

Thanks!