Updated over 4 years ago on . Most recent reply
Moving Personal Property to LLC
A family member has bad credit and around 380k of debt he needs to pay off. However he only owes 150k on his mortgage and the house is worth anywhere between 750k-850k. Is it possible to start a LLC with this family member and transfer this property into the LLC and then use my credit and such to refinance the house and pay off the debt he needs and I take some of the refinance money left over and use it to reinvest in real estate?