Okay, I need some major help from someone that currently bought real estate with a partner @Linda Weygant
We are trying to buy one SFH in one person's name/credit. We already have the house under contract and have the lender. Our partnership agreement is that we both are responsible for the everything, 50/50.
The question is, How do we put the title into an LLC, legally so the bank won't be able to call the note? The main reason for the LLC is so we both get the tax benefits from the real estate and for the legal protection it provides.
Any help is appreciated.
That is a very interesting question. While I wish I could help, I cannot. I would suggest you cross post your question in other relevant forums (i.e.: Legal related, tax concerns or business strategy related). Beyond that, you might want to take it to your CPA and your attorney.
I look forward to seeing whatever answers you get, should you be willing to share here.