Can I Restructure to an LLC Owned by Family Trust

[Andrew Jessup]

I have a former primary residence I want to convert into a rental. We would like to have the property to an LLC for liability purposes and then have the LLC owned by our Family Trust for Estate Planning purposes. However, I have a Fannie Mae owned mortgage and the mortgage servicer has advised that Fannie Mae may not allow that "double layered" ownership. Does anyone have any experience with this? Were you successful in setting up this structure and keeping the loan without triggering a due on sale clause?

[Joe Homs]

@Andrew Jessup I would suggest going into a land trust first that is owned by the LLC (not in California) and then that owned by your living trust. Assest and liability protection. Look at some YouTube videos by Anderson Business Advisors.

I am not an attorney, CPA, only a long-time investor.  Please check with your professionals.

Good Investing...