Fannie/Freddie loan + multi-member LLC
Myself and two friends formed an LLC to acquire properties. We would like to take advantage of Fannie/Freddie loans, so we plan to have one person purchase individually and transfer title to LLC, which I understand is a straightforward process (simple deed and file with county recorder).
I know this is a common strategy and I would not have any concerns if I were using a wholly-owned LLC. However given there are three members, I want to make sure there are no material impediments (tax or otherwise) with transferring a property owned by one person to an entity owned by three without consideration, documentation outside of a deed, etc.. Given we will need to transfer the property back to the purchasing individual prior to any refinance, this will be relevant beyond just the initial purchase.
Can anyone confirm they have used this strategy for a multi-member entity with success? What should we be looking out for? Do we need to include anything in our operating agreement to address this? FWIW two of us are (junior) corporate attorneys and I'll read "not legal advice" into any and all responses.
Thanks in advance.