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Starting LLC question

Jonathan DeBough
Posted Dec 7 2022, 15:42

Hey everyone! I bought a duplex in my name only back in 2019 and owner occupied it until this dec. I just bought another property and the duplex is now completely occupied by tenants. So now I am looking to set up an LLC for the property with my brother (who's not on the mortgage). My brother actually gifted the initial funds to buy the duplex and when it was bought he did not have a w-2 job to go onto the mortgage. My CPA says that we cannot do this (set up LLC partnership) without him being on the mortgage. Does anyone have any experience with this? Thanks in advance for any insight

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