2 LLCs currently, but want 1 LLC to help the other financially
Heyo,
I'm getting lost in trust, LLCs, series LLC, umbrella policies, etc. Been searching all over hell and back, so it's time to reach out for suggestions.
Here's my situation and what I'm ultimately hoping to do.
Situation
Property 1: I operate this property in an LLC and it's cashflowing nicely. (bought the property personally about 15 years ago, quit claimed it to the LLC.)
Property 2: I operate a this property in a different LLC and it is NOT cashflowing. (again, bought the property personally, quit claimed it to the LLC)
What I'm wondering about is getting Property 1 to help Property 2 financially. As in, have Property 1 pay for Property 2 mortgage until Property 2 cashflows better.
I'm guessing there is going to be ways to do it, but with possible liability exposure trade-offs, but I don't know.
Does my description and what I'm hoping to do make sense?
Happy to help clarify anything.
Happy Thanksgiving,
Todd