Refi into LLC and purchase ownership shares
I'm currently reading "Multi-Family Millions" by David Lindahl and he mentions an interesting no money down strategy. I am wondering if anyone has tried this or if lenders will agree to this sort of arrangement:
1) Seller transfers property into LLC and refinances property at 75% LTV
2) Seller "sells" 75% of LLC to buyer (me) and I assume 100% of the commercial loan (75% LTV)
3) Seller is able to pull out equity after refi to get paid
4) Seller retains 25% equity of property and 25% of cashflow each month
5) Optional arrangement in contract to specify buyout of remaining equity by predetermined time