transition from landlord/investor to part-owner/silent investor

[Justine C.]

I'm not sure what the right question to ask but the gist of my scenario is that I'm purchasing a property with a DSCR loan this year to take advantage of 100% Bonus depreciation. I will be renting it to family. The end goal for the property though is to co-own it with said family member. I won't "need" the depreciation as much beyond the first year so is there some way to add them to the deed after the first year and at that point, can they own it and I just be an investor, not landlord? and what would be the tax implications at that point for each of us?

Any other suggestions?