I am in a Texas general partnership with one other partner. We flip houses and will be obtaining mortgages in my name (better credit). I am concerned with the income tax implications of doing this, since the houses (and presumably all the taxable income on sale) will be in my name. I have been advised to quit claim the house to the partnership after we close the mortgage, and then have the partnership sell it (we would then divide the profits/tax liability according to our ownership %).
Is this a realistic approach?...won't this be an issue for the mortgage company?
If this is feasible, do I need a lawyer or can I just download a deed and have it recorded?