Need help with financing/refinancing strategy.

[Allan Tea]

Hello BP community,

I need some help on structuring a deal. 

I am a California investor investing in the Texas region.

I am in the works of purchasing my first BRRRR and my biggest problem is how we are going to finance/refinance the deal.

We have already found the property and the numbers work with the 75% rules.

The rents are also established and we have other comps in that area to support it.

Our current dilemma is how we are going to purchase the property and get the best chance to refinance. 

Our group has a total of 4 equal partners and we have formed an LLC, however banks will not loan to our LLC for a single family home. And if we apply for a loan with 4 signers, we will be categories as an investment which makes the refinancing portion more difficult. I also don't think investment loans have a cash out refinance option, at most 50% from what I have researched.

Our plan is to have one of us "who ever has the best debt to income" apply for the loan and place that deed under the LLC.

Now how should we approach the Refinance portion?

We are planning to buy the property with cash and spend another $40k in rehab. That brings our total to $240k. The ARV of the property is conservatively $320k, so 75% cash out refinance should work, if we can get the refinance.

My question is what is the best way to refinance? can we refinance as an LLC, should we refinance with just 1 investor and then transfer the deed to the LLC like the purchase? This would be a lot easier with just 1 investor but we have 4.

I am a newbie so please forgive the ignorance. 

Thanks in advance. Please help.