First Partner Deal: What To Do?

[Skyler Walker]

I am looking at attaining a multi-family property or possibly a single family residence with a partner to use as a rental property. My question is about deal structure, I do realize that I will need an attorney to write up a proper legal agreement for us but as far as the transactions go, I have questions.

My plan is to see an attorney, open an LLC with the partner,have the partner purchase the property, deed it to the LLC. My end of the bargain is the deal/marketing/management side.

For some background. I own two rental properties and my investor owns zero.

Does this seem like a solid plan?

Who is responsible for the debt when the property is deeded to the LLC?

Is the Investor still tied to the mortgage?

Can you deed a primary residence type loan to an LLC?