Changing “Buyer” at closing

[Jillynn Heck]

My significant other and I have decided to start fix and flipping homes. I am an Architect and he is in finance. He will be putting up 100% of the cash for both the purchase and renovation of the first property. I will be doing all of the “work”, ie design, find contractors, schedule, etc. 

We found a foreclosure and put an offer in and have an accepted offer. After putting in the offer, prior to it being accepted, I set up an single member LLC. We decided that instead of structuring this as a joint venture we wanted it to be set up so that he is the private investor giving me a loan to fund the flip and fix so when it is finished I will pay him back his investment plus interest and the remaining profit will go to my LLC.

Our question is how do we set this up at closing so the property in my LLC's name and not his given the accepted offer was in his name? I think he can "assign" his interest in the property at closing to my LLC. If his offer was a cash offer, no financing, can we set up the personal loan prior to closing (we will have an attorney draft it for us) and then I just pay the cash from my LLC account at closing to the seller?