Maryland LLC Financing, Asset Protection/Privacy Options

[Marie G.]

So I have done a lot of reading and listening to audiobooks, podcasts, forums, etc. This can be so overwhelming. I was wondering if there was anyone local that has any pro/cons from their experience with LLC formation and how it affects financing, asset protection, etc. for Maryland.

I'm looking to have two LLC for my husband and I (I read about the 10 loan max and want to maximize on funding options). So far this is what I have gathered/have questions on:

-From the Legal stand point--- The multi member LLC seems to have the best protection since its not a pass thru entity and seems more like a business.

-Financing- the banks I have spoken too I must personally back loan (until the business has been established for 2yrs and the income can stand alone). They consider any member holding 20% or more interest of the LLC (I would then do 81/19 % for each). They don't really refinance investment properties for cash out options (unless you finance in your name then sell to LLC)---which how would that affect you tax wise as far selling the property. Is it like you have earned that money as an individual?

-LLC Formation- I'm looking to go to court house directly to get it same day. Do you include your Operating Agreement in filing as part of the initial formation? For the LLC address do you have your primary residence? If not what do you use? Any recommendations on programs that generate operating agreements? Purpose of LLC- is Real Estate Investing to broad?

This maybe long winded, but I appreciate in advance any pointers everyone has!