Partnering on a Property

[Dario Mormina]

Hello, myself and a partner identified a property and are in contract. The thought is that he would secure the financing in his name, then post closing, deed the property into an LLC that we have 50/50 ownership of. I would then pay him back for half of the closing costs, and be liable to cover half of his debt via contract.

Very new to partnerships, does this sound reasonable?

Thanks.