I'm no expert in this, but from what I've read on these forums, you should probably form the LLC you want to hold the loan and property BEFORE you finalize the loan. There is a chance that changing the owner of a property (from personal names or business names to an LLC) can result in the bank calling the loan due in whole. Some people say the chance is remote, but others say it has happened to them personally. Still, the most prudent move seems to be form the joint LLC first, get the loan in the name of the joint LLC, and have the property owned by the joint LLC.
Hopefully, someone with more experience in LLCs will chime in with their knowledge.
Good luck. That sounds like a big project.
sounds to me like you should form an llc entity for just these properties. I think many others have done it this way for a long time. Talk w your atty and accountant.
thank you guys and @Randy E. I should've worded that different I meant to say once we are approved for the loan not after the loan is in place.
@Larry K. yes sir will do, some accountants are out of the loop when it comes to this so I wanted to seek an investors point of view as I have an accountant but he deals with my personal returns and affairs!
You should talk to a lawyer. And you definitely want the entity(ies) struture in place before finalizing the deal.
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