If you proceed with a deed transfer, structuring ownership via an LLC or legal agreement can outline buyout terms, profit-sharing, and future equity splits with your father and sister.

Of course, he flamed out after a couple of years, but he followed some of the path you outlined.

Yes, I have a written agreement, bank records, plus phone records & email and text threads showing he routinely failed the SLAs outlined in the contract. 

After doing a handful you will get the hang of running numbers quick.The poster @Tyler Hall outlined some good steps above.

if its something that interests you I probably have a redacted LOI I could share that outlines the LL's work etc.   

Below, I outline several incidents that demonstrate the importance of vigilance in this industry.Incident 1: Noble Capital LoansNoble Capital Loans presented itself as a Georgia-based corporation with favorable loan terms.

Since fix-and-flip income is classified as active income, taxed at ordinary rates, this setup helps minimize overall tax liability.To protect both members, draft a detailed operating agreement outlining roles, ownership percentages, profit-sharing, and an exit strategy in case the business dissolves.

Dave Meyer shared an informative video today [How to Find Your Perfect First Rental Property (The “Buy Box”)], outlining helpful structure for you to add clarity for your deal.

Just outline expectations and roles, and what each of you guys are going to do, and how properties will be acquired and how they will be disposed of, and how and when money will be taken out of the company and you should be good.

I have not heard of them, but I would make sure, especially since they seem to be a new player in the space, to ask them the questions that are outlined on the "Best Questions to ask your DSCR lender for STRs" post on this forum: https://www.biggerpockets.com/...