Change ownership structure and financing - multifamily

[Satha Palani]

My wife and I own a 3 family in Newark NJ that we bought using an FHA loan (3.5% down) 3 years ago. We currently live in one unit and rent the other units out. I have a loan balance of approximately $410K and pay $270/Mth in PMI. My mortgage rate is 3.75%.

Similar houses in the neighborhood are selling in the 650 to 700K range. We did extensive renovation to all 3 units. Taking what we spent into account, we still have a good bit of equity built up already.    

We are now expecting a child and would like to move to a larger place. I want to refinance this house and pull some of the equity out to finance the new house.

I have been doing some research on bigger pockets on this and see a lot of folks talk about switching ownership to an LLC for added, tax benefits as well as mitigating risk.

How would one go about refinancing and changing ownership simultaneously? 

Would my wife and I establish an LLC and take the new loan out in the name of the LLC?

Would there be tax implications? 

Would the rates I can get financing it through an LLC be very different from what i already have?

I am assuming that any financing through the LLC would have to conventional, would I be able to get a 80% LTV or would it have to be higher?

Are there any specialized lenders i should consider?

As always all inputs are greatly appreciated.

thanks,

satha