Private lender title question
Hi all.
Hey, I have a house I purchased on Land contract as a quick 2 month flip. Flip is over and now I want to rent this instead of taking a profit now. Contract was for only 4 months.
Friend of mine is stepping in and paying the land contract off with cash.
Should the title be in both our names? I know he wanted it in his name but didn't talk about both of ours yet. I need it in mine also so I can refinance next year and take some equity and repay him.
Or should he buy it from me and landcontract it back to me? My terms of the original land contract was only 4 months. Still have 2 months to go and I am already done with the flip now just trying to figure out who holds the title if I get this private money.
Can someone ecplain? Thanks!