Buying investment property using LLC
Hello Everyone,
I am new to bigger pocket forum. I have 2 rental property and 1 primary home in Southern California. I am looking to my my 3rd investment property to rent out. I heard of Real estate investment through IRA. I learned a bit from Midlandira.com. They also mentioned that IRA can invest in LLC.
Does anyone have idea on following question? If I And my wife invest our IRA in LLC and with some my own cash, buy a property using my credit. For example, 150k from my Ira,50k from wife Ira and 70k from personal cash use it for 30% down payment for a property in Southern California. Is it possible and tax / irs headache?
Thank for reading and guiding.
Thank n Regards
Naresh