Transferring loan to LLC to qualify for special deal
There's a house for sale in a city in Orange County with a deed restriction for eligible buyers. The city placed a restriction so that in order to be eligible, the buyer must not own any other residential real estate unless they sell it before closing.
This is fairly common in orange county and LA to promote lower to moderate income families to afford a home.
If anyone is familiar with this program, my question is: can someone transfer their residential properties to LLCs. That way they won't technically own residential properties or does it still count as owning properties if a person owns the LLC that owns the properties?