Selling equity in my rental, to partners.
I have an investment property that I purchased with 25% down on a 30/yr loan. Since then I have become a member of a multi-member LLC with 2 other partners. We have done a few deals, and are just trying to keep it going.
The question I have is, if I want to "sell" equity from MY rental to them and move the rental I purchases to our LLC ...
1) would I have to pay taxes on the money I receive from them for that equity?
2) I understand the possible "due on clause" issue with the bank if I move the property to the LLC, but what other issues could anyone see as well?
3) Any other tips, ideas, thoughts would be great.
Thanks,
-Joey