LLC or S-Corp for Rentals?
I'm sure i'm beating a dead horse here, but i'm still very puzzled.
I have no issue with finding 60-70% ARV properties in my area (I'm a RE Agent) So, i REALLY want to buy some, as i can't find enough real investors to work with me. There's a over-abundance of good properties for renting, and no one wants to deal with it locally.
I've got the available cash on hand to do it , which is good, but here's my issue :
How do I Hold the real estate in the LLC/S-Corp's name? From my understanding , most mortgage companies will use an acceleration clause or something along those lines to call the debt in full and that just won't work. I need to be able to get a mortgage for the properties, and have the LLC/S-Corp distribute the proceeds, as i will have multiple investors with the property.
I want to protect myself and the investors, as well as use it as a tax benefit as well. How do I do this ? From my understanding,there's only one or two banks in the US that will loan outright to LLCs and S-Corps, i don't have a issue with getting mortgages in my name.
Thanks!