Rental property split ownership with family member...

[Ryan Swan]

I purchased a property at trustee sale with a family member. We both chipped in cash to make the purchase. Currently, the deed is in the name of my LLC and I am the sole member. What is the best way to protect the family member's ownership interest in the property? I want the asset protection provided by an LLC, but I also want the family member's ownership interest to be well documented and protected in case something happens to me. I'd rather not use any method that shows a change of ownership, because the condo is in a HOA neighborhood and there is a $400 transfer fee.