Hey BP, coming across a little problem while trying to obtain access to some financing, A family member of mine is requesting a Home equity line of credit under their primary residence which is completely free and clear, I will be supporting the request with my income, the financial institution is requesting to have myself registered on the title of the property as part of the file, my question is; would adding me onto the primary residence for the line of credit trigger a capital gains for me as well as a welcome tax?

A domestic partnership is a form and fee you register with the city, if applies to your city and state.

The point I make is this: when using a lender, make sure that not only the numbers will work for you, but the team working with you will be one that you are comfortable talking to and hoping to build a long standing partnership with!

In that instance, I managed to upgrade the apartment without paying more rent, but the trigger was very much the same.

@Brandon BassConfirming you don’t have a loan on the property because that could trigger a due on sale clause. 

As I mentioned earlier debt finance will trigger UBIT in an IRA (Solo 401k would be exempt from UBIT on leveraged real estate).

If anything ever goes wrong, an entirely different set of statutes applies in partnerships (de facto or otherwise) vs. a lender seeking recourse.

Either way there are some things you should definitely include: The split of profits, the roles that each member will have (be very specific), what happens if you lose money, what happens if one person wants to get out of the partnership, what happens if either party doesn't hold their end of the bargain.

I already started my LLC, and have been partnering as an investor on some rental properties, but have not pulled the trigger on purchasing an existing self storage facility, or developed any specific plans for starting something from the ground up.I have seen people comment about the website selfstorageinvesting.com and have started listing to some of Scott Meyers podcasts.I am considering signing up for their live self storage accademy, but do not know if the content/ education is worth the investment (vs. reading his book, other options, etc).Has anyone out there taken this course? 

A foreign gift does not include amounts paid for qualified tuition or medical payments made on behalf of the U.S. person.A foreign person includes a nonresident alien individual or foreign corporation, partnership or estate, as well as a domestic trust that is treated as owned by a foreign person.