How a businesses buys back property after individual buys it.
My mother and I are partners in an LLC. We recently paid cash for a 30k 3 bedroom 1 bath house in a neighborhood. After buying it with cash we borrowed 35k from a hard money lender that charged us 10k to fix it up. We are nearing the project being finished.
My question is this: Is it possible for one of us to buy the property individually for the appraised value of say 100k and then sell it to the business that we own for very cheap(so the mortgage payment is low), then rent it out?
The reason for considering this is so that we can put capital into the business account AND rent it out, while making sure we are able to make the original 30k back and being able to pay our hard money lender.