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Updated over 4 years ago,
Need help figuring out how to get funding. Move to LLC??
Hey everyone,
My wife and I want to move to a new area (4th baby on the way and need more space!). We have 3 properties: our current primary residence + 2 rental properties. The 2 rentals are new (less than 1 year) and aren't on any tax returns, although they are cash flowing properties.
My problem is that I want to keep my (current) primary residence as a rental when we move. However, I can't acquire the new primary residence because the rentals are showing as debts without any income since they are new, so my DTI is really high. I don't know what to do to get around this. If I move the rentals to an LLC will that prevent a lender from seeing them since they will no longer be in my name?
How do I get around this?
Thanks!