Equity and LLC

[Dudley Cabildo]

I have had a condo in Sarasota Florida for the past 3yrs with equity available and I would like to get a loan but when I spoke to our loan officer he said since I do not reside in Florida at this location I cannot get an equity loan.  The condo is rented and our hopes were we could use that money to purchase another rental property.  Please advise.

We would want to convert the ownership to an LLC from our names so that we can develop a business of buying, renting and/or selling. Please advise and let us know any recommendation of real estate lawyers in that area.

Thank you, Dudley Cabildo