No LLC- First Investment
Hi BP Members! I'm on the way to getting my first MFR (fingers crossed) and am currently starting attorney review. I was wondering how can I start running things like a business without an LLC? I understand that according to all mortgage documents, you are not allowed to switch title to an LLC. People have done the LLC thing but technically its not allowed. As my primary residence, I was told an LLC may be overkill too and that I should consider just getting a big umbrella insurance policy vs an LLC.
I plan to get more properties in future and was wondering I don't get an LLC, can I run anything separately in my first MFR like an actual business? Can I still get business bank accounts, have expenses go towards my business, etc.?
The seller also owns the property under an LLC? Can I acquire the LLC? Would the lender probably not allow that either?