S-corp to partnership with taxes

[Mike Neubauer]

We currently buy most of our properties at sheriff sale. We also do quite a bit of short sale investing, but almost everything we do is short term. We are looking to start putting a few of the nicer houses into a long term plan. We have an LLC taxed as an S-corp for flipping. We also have another LLC with a couple of our rental properties, taxed as a straight partnership.

Since we buy some of these houses unseen, we buy them in the s-corp name. If we get one that is better long term, and we would like to sell it to the partnership LLC, what is the best way to do that without comingling assets legally? Simple quit-claim? Close through title company with warranty deed?

Also, if we are paying cash for the property initially in the s-corp, how do we pay that same amount of cash to the s-corp from the partnership, or how do we do it on paper to show it is a completely separate transaction.

Basically, my concern would be that if I were to get sued in one company one day, they could trace back these transactions and get a hold of assets in the other company as well.