Transfer of a Rental

[Jeanette Bartels]

I am in a situation where I had some money for a down payment to invest a few years back, but my small income and fair credit was not enough to qualify to buy an investment property. My boyfriend at the time had a good paying job, good Fico score and is able to qualify for a loan. So, he offered to help me. We made a deal to buy 1 or 2 properties using my money as down payment and for closing costs and fees. He would be the one financing the loan. We drew up agreements and had it notorized for different contracts. I also told my children what we were doing so they knew the property was actually mine, even if the loan was in his name. He is a very sweet and honest man, and I totally trust him. We have good tenants in the house and they pay me for the rent each month, and I hold their deposits etc. I in turn give him a check each month to pay the mortgage. He acts as my partner and does some of the maintenance on it, plus pays for the landscaping out of his pocket. He gets the benefits from tax write-offs that I can't. Anyway, I was wondering what we could do to straighten this situation up without paying too much monies. How can I get title to my property without him having to sell it to me or having the bank's Due-on clause come into action. Recently over the few month's, we have gotten an LLC in place, wanting to get further in real estate. Can anyone give us advice?