Transfer rentals from our names to an LLC
Hello. Me and my brother own 2 properties (both names on deed's). Even thought we own them 50/50, when we apply for a new loan, we are responsible for the whole mortgage balance. The rental income is counted in half but the mortgage balance shows in full for each of us. I was told that if I move these properties under an LLC (me and my brother would be partners 50-50), we can mitigate this issue. Basically, 50% of the mortgage balance will be applied and not the full amount.