Why not take his name off the LLC and put it in your name now while the LLC has $0 of value (or whatever nominal amount your articles of organization or operating agreement say that you contributed)?

If you can qualify for an FHA mortgage that amount can be as little as 3.5% of the loan value.  

Hi @Zhong Zhang I have used vacancy hacks over the years to get personal properties under 1% when turning tenants over. 3% increase depends on renewing or getting new tenants, when renewing tenants that's  a safe amount. 

I'm also a licensed mortgage broker with a lot of fix-and-flip programs, including some that require as little as 10% down on the purchase price, and provide 100% of the rehab funding.

Luckily, we knew this and expected this task to take a shorter amount of time because we've done it many times before.

Most likely all new mechanicals, windows, a fair amount of framing, insulation, etc., etc.

Both are excellent platforms which save people immense amount of work and tme by compiling all the critical data you need in 1 place but there leads are way behind the county recorders/courts/notices i.e the source of most motivated seller leads.

Once that amount is reached, then continue setting aside cash for the next investment purchase. 

BRRRR, Fix Flip, taxes, deal analysis, market analysis, marketing, financing, etc.  

I'm sure how far Lake Monroe if from the University but I would also look into the amount of STRs in that as well.