Purchasing duplex property then transferring it to an LLC
Two of my friends are planning to buy a fourplex property in Cerritos, CA. One of them has a good credit rating, the other one had a foreclosure a year ago. Is it possible in CA to buy a property, get a mortgage under one person's name, then transfer the ownership to an LLC which is owned by that person and his friend? Will any lender allow that transfer? If not, what are the possible options for them to buy and finance the property with both of them as an owner considering the credit situation they have. They will occupy two of the four units then rent out the other two.