In need of Deed and Finance Advice

[Peter WIlder]

I currently own a rental property with my father. There is no lien on the property and we both have 50% equity in it. The deed is under my LLC and then my fathers name. I am trying to purchase my father's half of the property from him. The two questions I have are what is the best and cheapest way to transfer this property to my LLC or my name, and then what would be the best way to finance the purchase?

Finance: I am working with a local CU and they offer both a personal HELOC or a commercial HELOC. I am hoping to make future investments so in my opinion the HELOC is my best option, because it will supply me with future finances. I know that keeping the property under the LLC is probably the best option, but in order to do this I would need to hire a CPA each year to complete financial statements for the CU. Since I am an accounting major I always do my own bookkeeping. Is it worth it to keep the property under my LLC?

Deed: What is the best way to take my fathers name off of the deed. We used a Quit Claim to put his name on because the title company didn't add it when we made the original purchase. Can we do the same thing to take his name off? Also if I decide to put it under my personal name, what would be the best way to do that?

Thanks in advance for your help, and feel free to ask if more details are needed.