If you are concerned you should consult with a Texas attorney.

Just make sure to consult with a couple of septic contractors as well as the local health department or environmental services division of the city or county to make sure you have all permits and fees accounted for.

@Neil HenningIt looks like you will need to file a partnership return since you acquired the property with a partner/member.You should consult with a CPA who is familiar with partnership taxation.

You should consult a competent tax professional who is familiar with your entire financial position.

@Matt Ferch I think you should consult a local real estate or tax attorney to determine the best method to achieve this.

With the other client, this is his first flip so he's been consulting with me on many of the choices (which I love!). 

Not sure where in the Country you are, but Nova Consulting has a pretty wide reach.

Always consult with your attorney before you rely on the above information.

All experienced landlords and real estate investors have learned that as much as they may trust the source of information, whether it be from a tenant, contractor, seller, consultant, etc. we still have to verify experience and informatino to protect ourselves.  

Best to check with the lender and their underwriter, in consultation with a sharp closing attorney.I can recommend several great Metro Atlanta closing attorneys who can help!