How to use this $400,000 unit?
Hello everyone, i am posting in hopes that someone will be able to assist. My father and i are both owners of 1 unit. He owns his outright. We are trying to use his property with a heloc; however, his financial situation is hard to explain to a bank not allowing him to get approval. We were told we could get a commercial loan with the property being in an LLC. However, we run into the financial situation again. We thought about a 1031-exchange. But he would like to keep in the family if possible. The only other option that we could come up with is sell it to me and get a heloc once everything happens. If anyone has any advice on this we would greatly appreciate it.
Thank you!
Sorry if any spelling or grammatical errors!