Buying MFH's with Business Partner
Two of us are looking into becoming business partners and pursuing multi-family homes. I've searched quite a few discussions, but would like some further insight into logistics I'm still foggy on. It makes sense to set up an LLC to have some structure to the partnership, plus some added liability presence, but I know that severely limits conventional loan options without going commercial. I have a few questions that I would greatly appreciate any advice on!
- Is it possible to get conventional mortgaging with both people cosigning, and then running all the finances through something like an LLC, while keeping the loan under both of our names? I see implications on the liability side, but I'm not sure if this could work.
- If not, does anyone have experience with having one person on the loan, but still running finances through the LLC?
- How difficult is it to transfer a property to an LLC with the banks knowledge, and assuring the "due-on-sale" is a non-issue?
Maybe commercial loans would be the way to go in this case? I would love any and all feedback on how to tread a 50/50 partnership with the goal of starting with small MFH's. What are the options out there.
Thanks!
If this topic is in the wrong forum, let me know and I will happily move it to where it should go!