Buying investment property with partner and without LLC

[Mark Hove]

Greetings BP community! While this is my first post, I am an avid reader of all the content on this forum and am greatly appreciative of everything this community has to offer.

A friend and I are interested in a duplex. We are both currently single but will be getting married to our respective significant others in the next year or so. The numbers on the unit are great! The current plan is to get a conventional loan in both our names, take over 1 unit (to qualify for owner-occupied) and put down 5%. What are the legal ramifications/liability concerns with doing this without an LLC? Obviously it is preferred to have it in a LLC but a typical residential conventional loan will not allow an LLC to be on loan documents and sign at closing, correct? I've heard that it is possible to transfer title to the LLC after you own the mortgage but will that cause havoc with the bank?

If you were in this situation, what would you do and advise?