Should I buy first property in personal name or LLC name?

[Cathy Brittain]

I (We) am/are closing on our first property within the week, and someone in my realtor's office suggested we buy the property in our personal names, then transfer to our LLC (LLC is a partnership my father - we each have our own individual S-corps).

The plan is buy the property outright, and then obtain funding via a HELOC or rehab loan to repair the fire damaged property.

As this is our first investment property, we have yet to build any business credit. So, I'm uncertain about the ability to obtain the HELOC or loan if the property is deeded to the LLC.

Any thoughts/advice would be appreciate!  Wish me luck!