Sell to partner then transfer to LLC?

[Ben Thomas]

Hello everyone! I had this idea a while ago but I'm wondering if it would be plausible. If I purchased a home that needed renovating and did the BRRR strategy, would I be able to sell that to my business partner or vice versa then transfer it into an LLC? If possible this could allow us to rapidly increase our portfolio when we are ready to invest. I'm not sure if there would be any legal implications for doing so and I assume capital gains taxes would apply unless we do a 1031 exchange. I appreciate any feedback I can get on this! I am currently in Springfield, Illinois but I plan to invest in the Nashville area.