Investment Home in LLC, Plans Changed, Now We Want To Move In

[Karoline Ussery]

First post and need some advice.  

We purchased a fixer upper at auction and put it in under our LLC. We are currently making repairs and everything with our LLC business funds.

Now, we have thought through some scenarios and selling the home we live in currently makes the most sense. We would move into the fixer upper first mentioned. I know it makes no real sense to rent to ourselves - but do we purchase the property back from the LLC? How will this work when I do taxes and have all these business expenses but haven't put the home into service yet - if we're living in it?

We have always flipped.  Our original plan was to sell this place after flipping but there is a security deed that was never cancelled from the 90's - our attorney says it'll expire on it's own in 9 years so we thought, what the hey, we'll rent it.  But we would love to add some properties to our portfolio and selling our current home would give us the money to do that. 

Logistically, I don't know what to do with title, selling, etc. Do we rent to ourselves or sell it back to us or what?? Should I seek out a CPA and talk this over or go back to my real estate attorney and speak with him? 

THANKS!