Remember that disclosure laws vary greatly by state, with roughly 50% of states operating under Caveat Emptor...which means no disclosure at all.

It can be done ethically, but you need safeguards to confirm mortgage & possibly property tax payments made on-time, as well as insurance with you protected.- Also, you need a legal way to take back the deed if buyer defaults!

These are professionals with additional training and a stricter code of ethics.

I have over 30 years experience in operating office buildings in NJ and would be will to run the operating arm of these investments for a % of the deals.

I’m currently operating in South Georgia market. 

Then they will have strong work ethic. 

Here is what the IRS says on the subject: Election for Husband and Wife Unincorporated Businesses A business owned and operated by the spouses through a limited liability company does not qualify for the election Only businesses that are owned and operated by spouses as co-owners (and not in the name of a state law entity) qualify for the election.

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

You didn't mention where you are operating, but depending on average home prices, I think you'll be ok.For instance if we're talkin $500k homes, and if you will get a 2.5% commission, split that 50/50 with your Broker, you will end up with $6,250 per sale, right?

But from a moral & ethical perspective, you may want to decide at some point to just eat it and accept write it off as cost of doing business.