Maximizing leverage w/ partners

[Frank Z.]

I have a partner and wanna run a possible strategy by this group. 

Say I buy house X for $200k, get a mortgage on it for $100k, then quit claim it in an LLC and sell half of the LLC to my partner at the same valuation I paid.

Now we're 50/50 owners and I was able to take the leverage I wanted, and he was able to stay off the loan which is what he wants. Is this a viable strategy or am I going to run into legal issues? 

I understand there is a possibility the banks may call the loan due and I'm fine with that risk. Are there other legal / tax consequences beyond that?