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Transferring Title to LLC for Property Management & Financing
This is my first post and foray into these forums so please forgive my ignorance. I am only 22 years old and have been slowly making my way through a real estate principles book as well as reading as much as I can while going to college so I know very little. My mother's primary residence is in Fargo, ND and I still live in her basement.
The house is totally paid off and requires a large renovation to be marketable. My mother would like to purchase a new primary residence and transfer the title to an LLC we have setup. From what I understand, under ND law I am not allowed to manage the property in any significant way without an interest in the property. As a manager in the LLC I would satisfy that requirement and be able to lease, market, and work on the property. Our second goal with the LLC is to have an independent entity capable of securing its own financing. Transferring the title, performing renovations, and renting it out for 2+ years would satisfy most bank lending requirements as long as it is profitable--correct? We would of course invest into the LLC for use as a down payment on further properties.
I need direction and there are so many resources and little time. I figured this is a low stakes way of asking for help! The largest questions I have are:
What should we keep in mind as we do this?
Is it feasible or am I missing something?
Is there a simpler way to do this?