LLC and quick claim deed / transfer tax issues?
I am looking at a few multi-family properties (4-6 units) in and around Dayton. I typically like to purchase/place my properties into an LLC, but I realize this means commercial mortgages (higher rates, higher down payments).
I was told that an option is to purchase the property in my name, get the "better" financing, and then do a quick claim deed to transfer the property out of my personal name and into an LLC.
I thought this didn't sound right - is that legal in Ohio? I thought that would be wrong for 2 reasons:
1. Bank gave loan to me, not an LLC - bank does NOT allow this? Or some banks do?
2. Would have to pay transfer tax for transfering title over to the LLC?
Does anyone know if either or both of these are true, and if so, what the transfer tax rate is in Ohio?
***To be clear, I have not purchased any property in Ohio, am simply attempting to understand the rules/laws in the state and thought some of you may be able to help. I hope I can return the favor someday.