LLCs and Loan questions

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I am in the process of buying my 3rd rental house. I have the other 2 in the name of an LLC. One is owned free and clear. The other is owned by the LLC, with a loan made to the LLC, and with a personal guarantee signed by me (the money came from a family member who was okay with this.) I wanted to do this for 2 reasons: It seemed like there was less of a chance of piercing the corporate veil if I was not on the note or the deed of trust. Also, when I buy more properties and need to get loans from banks, I can say that I don't own those properties, but an LLC owns those properties, therefore it won't affect my DTI or the 5 loans per investor rule that some banks here have.

Does this seem reasonable to everyone? I am thinking that I will set up another LLC to purchase the new house, and get a loan made to the LLC and do the personal guarantee thing again. But its irking my family member who is loaning me the money. He thinks I am making things more complicated than I have to. Is he correct?

Thanks for any input!

I think the new GSE underwriting rules take into account LLCs where your membership interest is 'significant'. So, even if you are not the owner, if you are a significant member of the LLC owner then the loan app will require you disclose this.