Want to purchase my flip from llc
Here is my scenario, myself & my partner flip houses. I recently purchased a home that we are about to flip. We purchased in the llc using hard money as we always do. My wife has now seen the house and knew we were looking for ourselves and decided we want to keep this home. No biggie normally, but here is my question. If I add myself & my wife to the title of the home when we complete the rehab could I then just refinance the property and remove the llc from the equation? {Side note, I am not on the llc only my partner is.} The reason being is this way I avoid having to put 10, 20% down.
Can this be done? If no, then what's a better option other than FHA for low down payment. I am also obviously buying the home at whatever we spent in total on the home. Purchase, Rehab, Carrying Costs, etc, will still be at least 50k in equity at the end so I am buying under market value.
Any help would be appreciated.
We have never owned a home before if a lender needs to know and credit scores are 660-700 collectively as well as W-2 for both of us with almost no debt to affect DTI.
Thank you in advance!