Updated almost 3 years ago on . Most recent reply
I need help!
Is it possible for me to purchase a property in my own name using an FHA 203(K) loan, renovate, live in for about 6 months, rent it out, and then move it into my llc? Is it that simple given particular loan terms and since I am a single entity LLC?
Most Popular Reply
You may be able to purchase a property using an FHA 203(K) loan, renovate it, and transfer it to your LLC. However, the loan requires you to occupy the property as your primary residence for at least 12 months after purchase. Transferring the property to your LLC may trigger the "due on sale" clause in the loan agreement, and there may be tax consequences to consider.