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Updated over 4 years ago,
Buying a Church in Elgin, IL?
Hello everyone,
I have an odd question trying to help a friend. He is currently on the search, on finding a building for his church. He was told that he needs a 2-year probation period of track his non for profit income in order for him to be able to purchase a building. He currently has a potential building in Elgin, IL being sold for $470k but it has been on the market for 5 years. He unofficially offered him the seller $280k and said he would entertain that idea.
How can he purchase this building without running it through his nonprofit (he does have a home loan under his name). Also, could I purchase this building for him and use it somewhat as a rental property. Or should we open an LLC and buy it that way? Any recommendations would be greatly appreciated.