Rental Investment Property, LLC question
I along with 3 other family members bought an investment property in Seattle for around 650k. We took the loan/Mortgage (20% down)on my name(Investment Property) as others have issues and are unable to be on the loan. I am a first time investor with a salary of 120K plus. They suggested that we form an LLC and put the sale deed of the house on 4 of our names. I did the down payment and they will transfer their share upon closing the house(already in process) and completion of the LLC. Plan is to have a management company manage the rentals and the rent will pay off the Mortgage(Nothing goes out of our pocket every month).
While I have this property on my name, my questions/concerns:
1.) Will I get loans for Primary in the future. If so how long should I wait, will the interest rate be high?
2.) Will I get loans for Investment properties in the future. If so how long should I wait, will the interest rate be high?
3.) While creating the LLC can I have them create it such a way that although others are on the loan I get to decide when to sell it? If so what is the way?
4.) My goal is to make sure the 530K loan does not become cumbersome to a point where I am unable to make personal investments?