irrevocable trust question/partnership
Hey all,
I know about the due on sale clause if you try to transfer ownership of a property to a LLC. Can I do the following to go around it?
For my situation I am planning on going 50/50 capital with 1 partner to buy a property but the mortgage is under my name. What I will do next is transfer this property into a irrevocable trust which is owned by a corporation (corp is owned by my partner and I). Therefore my partner and I would own the property 50/50 through the LLC.
Has anyone ever done this process?
Any suggestions/referrals for good real estate lawyers?
Greatly appreciated!