I am researching financing options for the best deal for properties that I plan to rehab and then resell. I have a relative who owns a residential property free and clear. She is willing to let me get a HELOC on the property to finance my purchases. Personally she does not have good credit, so I would not want her name on the loan. Questions: 1) do I need to get her name off the deed totally in order to get a loan? 2) If so, what is the best way to take the deed … in my name, LLC, etc. and 3) what tax burdens will I be creating for myself?
Any advice would be greatly appreciated … thanks!
well…
your going to have to show proof that you own the property.
grant deed is most common. This would make it a sale and up go your taxes
If she still wants to own the property then have here add you to the current deed.with a refi
most likley you would have to pay more in taxes. but check on it before you do anything.
and how to take title I say talk to your accountant…