Partnership Structure and Taxes
I've searched the forums and I can't find direct answers to my questions. I am looking at starting a partnership(s) in order to invest in buy & hold rental properties, where I bring the deal and management and the partner brings the money. Looking for some insight from those who have done it before, maybe @Brandon Turner or @ Amanda Han can weigh in.
1. With the pass through structure of a LP or LLC, does the entity have to own the mortgage in order to pass through the tax savings to the members? What if my partner is named on the mortgage, and I am only on title...can I still get the tax benifits?
2. The banks I have contacted all say they require everyone who is on title to be on the loan, but in listening to @brandon turner it seems that others have structured it so they are not named on the mortgage. How is this done?
3. Obtaining financing in the name of an LLC or LP vs. personally holding the mortgage?