group effort

[James Miller]

Hello BP. I'm new here and hoping you all can give some advice on a plan some life-long friends and I have. We have decided that we want to get into residential rentals. Now none of has any money to put down however there are 6 of us and we all own our own homes (2 of which are free and clear) with a total of about $300k in equity. Would it be possible for us to form an LLC or S-Corp; transferring the titles to our homes; and then borrowing in the company name against that equity to purchase properties? If so would we be able to lease our homes from our company? If not are there any other options for us?

Thanks for all your help BP

James