So, friend bought a property cash under their name and now refinancing (cash-out refinance) the property into an LLC that is jointly owned by both of us and we will be getting funds from this refinance for renovation work.

For example, in 2024 if married filing jointly see table below.You could also do a 1031 exchange to avoid the taxes completely but have to invest all money into a like kind property of higher value. 

With a joint, you have to wait on the Joint LLC to file your taxes.  

If u get the book BRRRR by Daniel Greene (can buy it on this website) he provides an amazing pdf presentation for investors u can use.

I know this post is super old but if you need any help or looking to joint venture on deals would love to work together! 

Quote from @Rob U.: Quote from @Kevin Si: Thanks for the advice, Rob. 

I did my first flip with only 2k, there are a lot of investors out there with capital and no deals, start networking and connect with these investors so when you do locate a property you can do a JV (joint Venture) with one of these investors.

Would love to joint venture if you come across any deals.

btw, pm me your number, i have email, but not a number to text u. 

I get it .. but I also know how tough this business is and 97% of the people simply are not going to buy their way to success.. just like 90% of the newbies that post on BP will do exactly NOTHING in real estate we all get fired up.. but there is only so much of it to go around.. its FAR harder than it looks and it does either take some real good innate skills or lacking that some good liquidity so you can buy into the market.. thats why the Vanilla rental house game is so huge right now.. anyone who can fog a mirror can understand.. buy a rental put a tenant in it.. collect rent... past that when your talking about these more complicated transactions pretty tough to have no experience and just pay a few bucks and your going to be knocking down 250k profits.. its no different than the wholesaler guru who pitches making 20 to 40k a month .. can U yes how many do maybe 1% who try... or the guru who teachs flipping and making 50k per flip one a month... again how many can do that not many... one they don't think it through.. if your going to do 50k flips and one a month and you have 6 to 9 month cycle you need to buy 6 to 9 projects before you turn one.. how many starting out can do that.it would be more realistic to say hey start with one in 6 months then do 2 and maybe in five years your doing 10 to 15 a year.and or it really depends on markets... but gurus talk like all markets are interchangeable and they simply are not.