I just formed an LLC with the intentions of purchasing all of my properties in the LLC, however, my lender told me I could not do that, that I would have to purchase in my own name, and transfer property into LLC, is this true?
Also, I have been reading about Land Trusts, and I am a little confused. My attorney told me if I purchase the property in the LLC, I will be well protected, and it will not be necessary to place in a Land Trust, as a Land Trust does not protect me from creditors, is this true?
If I take on a partner, just for the purpose of using their credit to buy the property, not own, how do I get the property out of their name, and back into my name or company name? I am only taking on parnters for the use of their credit, and my goal is to pay them for the use of their credit, I just haven’t figured out the specifics. Does anyone know who I should go to for help figuring out this type of partnership?
Any help would be much appreciated.