@Lesleigh S.Depends on your current loan situation, but one of the more common ways to do this is to transfer the property into your personal name if you plan to refinance. 

It’s easy enough to split the credit line by ownership percentage, but if one party uses more, and/or doesn’t make their payments, the other party’s credit gets hit and ownership gets put in jeopardy.

@Joshua B Pruitt you can do it as a second home but can’t use and I come to offset rent and would violate second home rider if used for rental for more than 50percent of first year of ownership.

If rehabbed the projected ARV is 145k.I haven't done this before, so I am wondering if I should pursue traditional seller financing where the deed will be transferred in the buyer's name or do a land contract where the deed stays in my name until they pay off the Note?

We designed our program with @Chris Klingemann your issues in mind. 3 mos seasoning, 75% LTV cash out, LLC ownership, 30yr fixed rate and 30yr term, rates in the 4s (down to 3.75% with a buydown, actually).

Questions:I am wondering how we should officially consider and designate “ownership” of the property and on the title report.Should We consider it joint tenancy?

Naturally, these transfers can take a bit longer than cash accounts from a typical bank which can be wired in a matter of hours.

Period.OOS 'passive' rental ownership should be more of a wealth preservation strategy rather than accumulation needing cash-flow strategy. 

For example, the LLC transfer fee for Florida.

The mortgage holder for the two I own in my name will not let me change ownership to the LLC.