You’ll learn something here and when you find the next deal, it’s clear you’re not afraid to pull the trigger, I’m sure things will work out.

I have everything ready to pull the trigger.

Changing the named insured from your friend to you will signal the lender of a change in title which could trigger an inquiry into whether the due on sale clause has been violated. 

This would potentially trigger the alienation/due on sale clause of your mortgage but there's a long history of most banks letting this go as long as the mortgage stays paid to date.

So investing in real estate is something I’ve always wanted to do, and I’m deciding to pull the trigger because I keep saying I’ll do this eventually and always get cold feet.

I pulled the trigger back in fall of 2017 I completely fell in head first it was a hard recovery.

Now we finally pulled the trigger.

If so then a good structure would be if the partner puts up the deposit, you would get paid market rates for your time for doing the work then you split the profits upon sale.If you can borrower the principle and only need down payment money then you could just offer a 6-8% preferred return to the investor putting up the deposit money and you keep the profits.Either way make sure to have an attorney draft all your partnership agreements and make sure you are in compliance with SEC regulations etc.

How does one know when to pull the trigger?

The LLC  still owns the property so no taxes are triggered.