Updated over 4 years ago on . Most recent reply
Should i quitclaim in an LLC?
New investor here looking for advice. We are closing on a home in a few weeks which will be our primary residence. We are wanting to turn the house we are living in now into a short term rental. My tax professional suggests we quitclaim the property into an LLC for liability and tax reasons. My primary concerns are, Will doing this cause a due on sale clause? Will the bank see this transfer and make me refinance into an investment loan? Also i have a heloc on this property with a different bank that the primary loan. Will the heloc bank be notified of the transfer into a business LLC and freeze my heloc? The heloc is my primary source of investing money so i am trying to protect it from getting frozen. Thankyou!