Who Holds Title? BRRRR Deal With Partner
All,
I am working on a BRRRR deal with a partner. The deal is a 50/50 split of equity. I am providing the work and the partner is providing the financial backing. We have an LLC set up with the agreement lined up. We will be acquiring the property and rehabbing with cash or a HML.
My question is who holds the title? Me? My partner? The LLC? I ask this because I've seen that conventional refinance loans are not available to LLC. If we were to get a commercial loan the terms are not favorable for a new business with one deal.
Do we take personal ownership, refinance personally once the deal's done then transfer ownership to LLC? I am planning on consulting more lenders but I'm hoping to hear from experienced investors on the best way to go about this. We are wanting to refinance with a conventional mortgage to maximize our returns.