Converting house into a LLC

[Jay Elvin]

Hi everyone, 

Does anyone have experience converting a investment property they own into an LLC?

I am buying a property with a partner at 52/48%. I will be buying the property since with an LLC there will be a higher rate and shorter term for a mortgage. I plan to put both our names on the deed and therefore we both own the home (but the mortgage will be in my name)

Then, I plan to start an LLC with my partner and convert the house into the LLC. What are the tax implications here? Ideally, I would want us to both claim profits, deductions, etc. at 52/48. Can this be done in the LLC?

Any help would be greatly appreciated.  Thanks! 

Jason