Partnership Deal while LLC is being opened

[Jeremy Bohnett]

Hi everyone! I'll try to make this as simple as possible.

My business partner and I are opening up an LLC in Arkansas but the process is held up for 2-6 because our registered agent had to fax a form to the IRS to receive EIN.

We are currently in negotiation with a seller to buy a property and could be under contract tomorrow. For simplicity sake, I'm thinking we'll make a cash offer and then transfer into LLC once it's established. I will be the one providing the cash for this purchase as I have it more readily available than my partner does. He plans to contribute his cash to the LLC when we open our account.

Would I create any tax or ownership issues if I bought this property in my name in cash and after closing transferred it into our LLC where we both have a 50/50 ownership? (Yes, I would have him deposit much more since I'm bringing the property into the LLC). Once the property is in the LLC, we would look to refinance. Am I over complicating this or is a good way to accomplish what we're looking to accomplish?