Additionally, consider consulting with legal and financial advisors to solidify your agreement and protect everyone involved.

I'm 20 at the moment but ive been in Real estate over a year & im going to achieve financial freedom before i turn 24. 

While the general principles regarding LLC ownership, asset protection, and taxation may apply universally, specific legal requirements, regulations, and tax implications can differ from state to state.Good luck!

DSCR lenders have a tendency to pull stuff like this all the time, especially on low value assets like the one you are trying to buy.

@Michael NelsonHard money / fix & flip lenders are looking at credit, prior experience, and the asset it self. 

I've been in Real Estate since '87 so I like to invest in what I know but outside of my company, in my personal portfolio I have about 20% outside of Real Estate assets in other types of debt instruments, private equity, and a bit in the traditional stock market. 

My dad and I are now co-managing, and I'm the legal and financial side.

As many as your financial situation can handle , 

Another option is collaborating with an investor who has the funds for a fix-and-flip project, allowing you to contribute your expertise while sharing the financial load.

If it makes sense financially converting it into a long term rental could be the way to go.