My personal default is that equity should follow the money but as it seems your venture will be 100% debt-financed, a 50/50 responsibility for liabilities should support a 50/50 split of profits under the circumstances you describe.      

I am not sure that you will have any tax except the basic recording fees ($15~$30)When you deed the property to your LLC there is no transfer of final beneficiary as you owned it 100%.

It is basically how I started except mine was a SFH that I rented the spare bedroom.

@Basit Siddiqi Great point... section 121 is a great benefit in the right circumstance.

What I think I have discovered, so far, is 1) in Georgia, it is perfectly legal to wholesale without a license; 2) for many if not most properties it is best to have buyers lined up in advance; although for an exceptional deal, it may not be necessary (incidentally, I do have a short buyers list already and plan to expand it; and 3) those buyers and/or a hard money lender can provide POF if needed, although in a FSBO with no listing agent POF may not be necessary.

Stephen Ward with Exceptional Properties Group

As with anything, there may be exceptions out there.2) I am not sure how being in or out of a trust as an individual or under an LLC would effect your rate...

If you’ve got mediocre credit I could see this hurting more, but mine is exceptional so I was surprised at the 20point drop for the purchase.

That being said, I have all my properties in various LLCs and I recommend it for everyone except first time investors.

It already has a JADU (attached studio) that rents for $1350 for 350 sq ft with private washer/dryer and all utilities paid except internet.