Cash out refinance and transfer to LLC
My plan is to place my current residence in an LLC and utilize as a short term rental (AirBnb, VRBO, etc.) and also do a cash out refi. I formed the LLC, and then was notified that since I have an FHA, I could not quit claim deed the property to the LLC. I then thought about a private or hard money loan to purchase the property under the LLC, but would a private cash out refi be the best option? And then there's Dodd Frank. What is the best way to convert the property to the LLC and pull out the equity without credit being involved?
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@Jermaine Waldron How many properties do you own? Why do you need an LLC to do any of this? We see the LLC thing pop up all the time in forums and in most cases it's not necessary. Unless you have multiple properties, valuable cars, and other assets an LLC does nothing for you.