You can also be very direct and upfront, depends on your style and how you prefer. 

He could get a preferred return for the use of capital.

Cody at the moment I'd prefer turn key and anything 2 units or above.

For the rest, it comes down to your preferences, but if it were me, I would cashout refi the duplex owned outright because debt is so cheap right now.

I think this would be based off of personal preference.

I would prefer to do it at closing to avoid the transfer tax associated with moving it into the LLC post closing 

Preferred rate is 7, supposed to be about 10-12 paid quarterly.

Unfortunately, these opinions are ubiquitous and facts/data are my preferred choice of input to make an educated guess on the direction of the market in the future. 

So now the question is yours to answer; Do you prefer A) a 75 year old triplex in an A+ area with a negative $2k monthly cash flow but anticipating appreciation or B) a brand new triplex in a C+ area with $750 positive cash flow.

And I would definitely prefer to BRRR.