Funding as LLC or funding as Joe Smith?
We are itching to get our first rental.We have financing lined up as people, not an LLC.However, we have created the LLC with the State of Ohio and we have an EIN number.We are preapproved by a bank for a traditional mortgage (as individuals) and we have a prequalification by a hard-money lender (as individuals).When analyzing rentals, we are looking at financing with the traditional 30-year mortgage, but we just learned that we cannot do that as an LLC.So, how do we get the liability protection of an LLC and the advantages of a 30 year fixed mortgage?What options do we have?While we're still looking for our first, our business goal is to acquire 10 rental units within the next 5 years.Ideally, we finance the down payment for each new rental with flips that we do between rental purchases.The flips use the hard money lender.Do we try to attain these goals as people or do we have to take special steps to make the LLC the owner/buyer of all these properties?