options while going through divorce
Hi all, new to Bigger Pockets, but learn a lot. I am looking for some advice from the group.
I am currently going through a divorce that will likely play out 3-6 months more, as the bulk of the assets are locked up in a house. The house is located in Montana and listed at $420k with $265k mortgage balance.
I have recently moved from a Montana to Nevada, to a town that was hit hard during the GFC, with property prices down 50% from peaks and high unemployment (16%). I work for a mining company that is starting a major project here, so the local economy could potentially increase rather rapidly. Therefore, I don't want to wait too long to get started investing.
I have been looking at properties here and have found one potential candidate that should cash flow using the 50% rule. Ask for it is $70k.
Since I am going through divorce, I am not sure if/how I can structure a deal to make this happen. I don't want my name on the deed or the mortgage until the divorce is finalized, but fraudulent conveyance and fraudulent transfer are worrisome.
Any ideas? LLC?
Thanks