I have a single family property under contract. It is intended as a long term rental. I am buying with cash, but want to take out a mortgage after closing in order to pull cash back out for other investments. We would like to take title in an existing LLC that my wife and I own. I have heard that it may be more difficult to get favorable financing if the property is held by an LLC. Is that correct and are there other considerations of which we should be aware?
If you really want the property in an LLC, you will likely need a commercial loan (bank loan). A bank loan will likely have lower LTV and higher interest rate than a conventional loan.
Another strategy to consider is taking out an umbrella insurance policy.
You could take the loan in your name only. This keeps your wife's credit freed up for more total mortgages, but title the house in both of your names. By titling in both names it is much harder for a tenant to bring legal action against you and get a judgement in their favor.
Then protect everything with a million dollar umbrella policy. This will cost you around $250-300 per year.