Buying-in to Rental Properties with Family

[Joe Cleinmark]

Hello!

I'm new to BP and am not sure if this question is too specific or not, but here it goes. I've been learning slowly about RE investing and now have the opportunity to buy-in to two properties currently owned by my brother and his wife (one is their primary residence the is a rental that nets $600/mo.). They are moving and need to access capital to buy their next house.

My idea, since I've been considering rental properties investment, is to form an LLC with them and transfer the mortgages to the LLC.

My questions are:

1. Is that possible?

2. How/when is the best time for them to get the get capital out for their next primary residence?                              (I thought it made the most sense for them to re-fi both properties before they move/before I buy-in to 'reset' the investment for all of us.)

3. What am I missing / Is there a better way to structure such a deal?

Thanks so much for the knowledge of the commons, I look forward to being a more active member in the BP community!!

cheers, joe