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Updated about 10 years ago,
Truth behind this tale
I recently purchased my first flip in Arlington Heights, IL. I purchased this first property as a primary residence (non-investment) and the lender for this deal told me that in the future if I wanted to buy and rehab properties I would need to continue buying them as personal or investment properties in my name.
I've read all over BP that it's possible to buy properties as a business (LLC), is this not the case in Illinois? My lender told me that all future properties would need to be purchased by me and could not be purchased by an LLC, if I wanted them to be in an LLC I would need to transfer them after the closing.
What am I missing here?