Why not take his name off the LLC and put it in your name now while the LLC has $0 of value (or whatever nominal amount your articles of organization or operating agreement say that you contributed)?

And at what nominal price compared to the $24mil they paid in 2019? 

Have the partner make a nominal contribution on the first deal maybe 10% to your 90% and split the deal that way.

I believe that financing is a great way to put your cash to work for a nominal return if you understand the business.How did you find this deal and how did you negotiate it?

If the answer to the last question is yes, I think it'll be a hard choice.I see a reasonable appreciation rate for underwriting at about 6% based on neighborhood scout, so nominally I think you'll make 10-11% if you had paid cash which means I think you'll do quite well holding on (20% returns or so). 

I doubt 10% of the GRM will equal enough to where an S filing status makes sense.The home office and such is nominal so that alone isn’t worth doing this.

Assuming 20% down and a 7.5% rate (which is about market) you'll go from 9-10% to 15-20%, nominally. 

@Tina Artigliere To put you at ease, the role of the "custodian" or "administrator" for a Solo 401k plan is nominal.

What was nominally a 52k down payment turned into close to 100k--12k in closing costs, 12k in extra payments, and about 25k in labor to help me get it ready when I realized I couldn't get it all done by myself working evenings in a reasonable amount of time (plus I knew I couldn't do the egress windows myself). 

You used to be able to sell turnkey properties for very nominal fees (1% listing fee if sold) via Roofstock with Stessa a couple of years ago.