It is much more complicated than that though.   

However, that won't work for several reasons:  1) The lender is not going to finance the $15k assignment fee2) The lender isn't going to consider the purchase price in this example to be $150k, they would typically use the $135k price in the original contract, and 3) In this particular example they may not even use the $135k price because it's not an arms-length transaction since it ultimately boils down to a deal between you and your father.I applaud you for trying to be creative, but ultimately what you're proposing isn't going to work and it's going to make the transaction a lot more complicated than it needs to be.

I wanted to operate and hold title in the LLC as much as possible to protect my assets but I feel like this is getting more complicated than needed.

Hey everyone!I am looking at buying my first "home".  I put that in quotes because the property I am looking at is zoned as a commercial building with a gutted upstairs apartment.I'd like to purchase the property with...

Forming an LLC offers liability protection and clarifies ownership, but it’s usually best to establish it in the state where you're buying property to avoid tax complications. 

Hey Marcus, This is a bit complicated for a bigger pockets forum, but ill give it a go. 

However, now seeing yours as well as other responses here and elsewhere, I have to agree on starting with house hacking, getting that hands on experience myself first before going into something much bigger that has more potential complications. 

While it’s frustrating that the tenant is still there and not paying, turning off utilities could complicate the situation and potentially lead to legal consequences for your "friend".In the meantime, document everything (the tenant’s non-payment, the lease terms regarding utilities, and their attempts to resolve the issue) to present in court, which may help recover the outstanding balance later.

GP is slightly easier to release but gets complicated.

these investments get complicated thats for sure..