LLC formed with my Two Children

[Danna Gallow]

I recently formed a manager-managed LLC with my two children. The three of us are "managers." I will be the President and handle day-to-day operations, while the two of them will have specific roles.

Question: When I purchase investment properties under this LLC, are there any foresee-able roadblocks to obtaining a loan or closing? Will lenders require all of us to be on the loan application? I plan to apply for the loan with my credit only, no co-signers from the other two managers.

[Scott Mac]

Quote from @Danna Gallow:

I recently formed a manager-managed LLC with my two children. The three of us are "managers." I will be the President and handle day-to-day operations, while the two of them will have specific roles.

Question: When I purchase investment properties under this LLC, are there any foresee-able roadblocks to obtaining a loan or closing? Will lenders require all of us to be on the loan application? I plan to apply for the loan with my credit only, no co-signers from the other two managers.

Under 18 cannot contract...