Partnership with three people on title, one person on mortgage

[Kavjit Durairaj]

Hello Everyone! My partners and I are just about to close on our first single-family rental property. We are using conventional financing, and we are taking the mortgage on only one person's name. We are doing this so that we could take advantage of lower DTI ratios and the 10 mortgage limit per person - we would be taking turns on the mortgage for future properties. Our bank advised that the best way to proceed with this would be by adding the other two members to the title after closing, and we also have a strong operating agreement outlining all the critical details of this deal.

Here are my questions - What would be the process to add additional members to the title? Who would we have to talk to for this process? Would this incur any additional fees or taxes? Thanks in advance!