Second home ->LLC-> added owner querstion

[Hans C Hormann]

Okay so here is a question. I haver a friend buying his first vacation rental/second home. We are goin in as partners, he is buying it initially and I am doing the setup/teaching him how its done. That being said when all is done purchase and setup we will be about 50/50 investment wise. The idea we have is for him to open an LLC then transfer the property/loan to the llc and then add me to the llc after. Does that make sense? Anyone done this?