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Updated over 11 years ago on . Most recent reply
Converting Primary Residence to Investment Property
I own a condo as my primary residence and I have lived in the condo for 5 years. I refinanced my mortgage on the condo 6 months ago as my primary residence (30 year fixed, conforming loan). I plan to move in the next few months and I would like to turn my condo into a rental property. I formed a single member LLC and would prefer to transfer ownership of the condo to the LLC. I know I need to look at my loan documents to see whether such a transfer is ok, but I can't be the first person encountering this issue. Assuming the loan documents prevent transferring title to my LLC, what should I do?