I know there have been numerous recent apartment projects completed in the past 6-7 years which likely contributes to the available units.

.- We contribute the asset to a joint LLC that we createScenario #2:- He takes out a loan and buys the building for his own LLC.- He then sells me a portion of the LLC for $500K.I see some pros and cons to both scenarios, but I mainly want to make sure that I follow the established process.  

I’m here to learn and contribute to a community of people helping each other.

But unfortunately we've run into a snag in figuring out how to structure our partnership.We're also hoping to include a third friend as an investor to contribute towards the down payment.

Some of NY tax experts who are contributing to this forum are @Nicholas Aiola, @Taylor Brugna and @Basit Siddiqi. 

I have a contractor who might be interested in investing or partnering in some capacity... contributing 20k toward the down payment and about 25k in repairs for a total of 45k upfront. 

Ideally, you'd want to invest passively with your retirement account, couple examples will be owning a rental property or doing private lending.Based on the above it would be best to do the wholesaling outside of a tax-deferred vehicle, but use profits from this activity to contribute into truly self-directed Solo 401k.

To all you professionals who contribute bits of advice here, thank you for your time!

Given then are not going to contribute any cash in the flip but work & commitment to make profit.- is there any agreements I can tweak based on this model which distribute profits.

Developing an operating agreement for the LLC will help establish the basis of your business, including capital contributions (HELOC, Loan).