Paid cash for rental, titled in LLC, need advice.

[Rory Fowler]

After a year of working our tails off to get in position to invest, we finally purchased our first property. And we feel great about the deal we got. We formed an LLC and found a lender who would take a 30 year traditional mortgage. While the lender was dragging their feet, I set up a $100k unsecured line of credit at my bank. The lender let the closing deadline lapse and we used the line of credit to purchase the property. So now we want to move it to long term financing (15 or 30 year) and I am learning it is hard to get through an LLC. Should I title the property back in to my name to get financing? Does anyone else title the property back in to their LLC after the mortgage is secure? My CPA, attorney AND bank are telling me this is common practice but it seems shady to me. I'm fine with 75% of purchase price because we were planning to put some cash in to the initial purchase. The deal is below. Purchase price $77k Cash $17k Line of Credit used $60k Appraised value $105k Rent (tenant has been there 3 years) $1,100