Buy a property from my LLC partnership
I am in an LLC partnership that owns one building. We are planning on selling it and it just so happens I need a place to live because of a pending divorce. We decided that it would be a win/win if I just bought the property off of the company.
My MLO informed me that this is no longer allowed. We could look at a cash out refi of some sort but the sale price wouldn't equal 80% LTV or lower.
Is it possible for me to divest from the LLC and then purchase it. Then buy back in later or would this equal fraud of some sort?