Purchasing the second home (Getting the ball rolling)
I recently paid off my home and i am interested in purchasing another home/duplex for the rental income. Banks are telling me that because i own a home i would have to pay 20-25% for the down payment because it would be considered a second home. Would it be possible for me to transfer the home to an LLC or a land trust that i own and then when i go to the bank i would technically no longer own a home and wouldn't have to do the 25%down payment? Is this legal/ethical?
I am not trying to break any rules i am just trying to think creatively to overcome obstacles.