Forming an LLP or LLC, can we house hack?
Hello,
I'm discussing with a friend possible ways for us to pool our resources and start investing real estate together. We want to eventually start buying multifamily property, moving into it, and then renting out the other units.
I know as an individual you can get a primary domicile type of mortgage if you live in the property for a period of time and rent out the other units. If we form an LLP/LLC for the legal and business protections, can we still buy the property in this manner if one of us lives in it?
If yes, since there are two of us, could we have one property, live in it, buy a new property, and then have the other partner move into the other property (inhabiting it) and have that count as another primary domicile as opposed to a rental?
Also, I'm active duty military as of right now. Any insight into how VA loans could be involved would be helpful!
Thanks!