Can I selling my house to my own company and rent it back to myself?

[Gene Hassell]

My wife and I are in the process of getting a divorce. Even though we don't get along in the marriage we are still good friends. I want to start investing in rental properties. I have been contemplating creating an LLC then refinancing my home we both own into the LLC. I then wanted to utilize some of the equity in our current home to buy her a place (Likely a foreclosure) to live also to be owned by the LLC. We would both make rent payments to the LLC and then utilize the equity and cash flow to continue purchasing additional rental properties.

My question is, has anyone done anything like this, is it possible and any pitfalls or land minds I need to be aware of besides being in business with my ex? I know thats a big one, but something I'm potentially prepared to do, through a jointly owned LLC.

Any advice would be greatly appreciated!!!

Thanks!

Gene