Funding a purchase when buying with an LLC

[Alex M.]

Question in brief: When buying with an LLC, do you need to have a bank account tied to the LLC, or can a member finance the purchase, while the LLC takes title of the property?

Here's the scenario: So I'm in the process of making offers on what I hope to be my next properties. This time, I am partnered up and trying to buy them under an LLC. The dilemma I face is that my finance partner and I do not yet have the LLC and he is heading out of town for a few weeks, but we have found some properties that meet our criteria for location, price, and estimated rents, etc.

I have the offers drafted up, but when I went to the bank, it turns out I cannot open a bank account for an LLC that is still not fully formed, and even when it is, I will need both partners in person to sign onto the bank account. Is this an issue? Do I have to wait to make offers, or extend the closing to 35 days (so my partner can be there in person) versus the 15 days I would like to use?

Thanks in advance, BP!