Buying a property from my LLC for personal use
We have purchased a rehab property with hard money and a partner. The property is under my LLC's name. We were thinking of purchasing the property for ourselves for personal use instead of selling to a buyer. However, we need to purchase the property for a certain amount so we can pay back our investor, what we put in to it and the hard money loan. We were told that we should just refinance the house (since we already own the LLC) but we were unable to do a "cash out " refinance to get the full funds we need to pay everyone back. Is there a way to simply buy the house from our LLC like we are a real buyer? Refinancing won't work because we need the full market value. Thoughts on how to do this or if it can be done?