Buying an investment property with my son in Denver, CO

[Glen Sonnenberg]

My wife and I want to buy a rental property with my son.  He is financially stable and has enough money to do it on his own but since we have experience with rental properties we wanted to do it jointly (50/50).  Instead of trying to get the mortgage together, we thought that he might be better off getting the loan as his own primary residence and then convert it to a rental later (hopefully an over/under duplex).  Due to various reasons the lender won't do the loan except as an investment property which although not what we wanted is fine.  He is still putting up all of the money and everything is in his name for now.  My question is, what process can we use next year to convert this property to a jointly owned investment?  What tax consequences are there and how do we file taxes when splitting the expenses/depreciation/income?  Do we need to transfer ownership (since we trust our son not to bail on any agreement)?  Lastly, if we do need to transfer ownership, how do we do it in a way that doesn't make us vulnerable to the bank/lender calling the loan?  If there are any attorneys and/or accountants in Colorado that are knowledgeable about this I'd be happy to talk with you about our options.  Thanks!