Thanks again to all who contributed,BRRRRzerkeley Greg

If you break from the 50/50 model, you will need an agreement regarding partners' contributions, distributions, roles and conditions upon termination of the partnership.   

In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a specialty trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.In addition, please note if you purchase debt-financed real estate with your IRA, unrelated debt finance income tax should apply to the income attributable to debt-financed real estate held by your IRA.

However, adding in a daughter to the LLC will require a separate tax filing>First you have to determine what the purpose of creating the LLC whether making all the contributions will achieve that will not facing any negative consequences.

I hope to learn more and make some meaningful connections. 

My friend is going to contribute funds for rehab and cap ex and rent the other half.

We, equity partners, only got paid approx 20% of initial contribution. 

Two members contributing $30,000 apiece would each receive a 50 percent stake in the company.In your example the non-cash member would need to work out percentage of ownership with the funding member.

The bank was Wells Fargo and their interest rate went from 5% to 3.75%.To be honest, they wanted to keep me on title, but it became a pain when purchasing/refinancing my own properties because of the amount of questions the loan underwriter would ask my mortgage broker and me (ie. please provide 12 months of parents bank statements showing you don’t contribute to mortgage payments, etc.)Good luck!

Best thing to do is discuss this with an attorney and have them draft all your operating agreements spelling out the roles, capital contributions etc.