Advice needed on reducing ownership of condos
Wanting to know if anyone knows of a way to reduce ownership % in condo complex. I currently own 10 units in a 35 unit complex. Have 4 units under sales contract but finding difficulties in getting buyers financed. Fannie's rules require no more than 10% can be owned by a single entity. Is it possible to transfer ownership to another LLC I am the sole member of to reduce the number of units owned by my current LLC? Would this satisfy Fannie's requirement or is it not going to help? Don't really want to transfer ownership to other persons as that creates all sorts of other problems such as tax implications, insurance implications, legal issues etc. Any ideas?