First property, created LLP, do I need to quit claim into my name to get a loan?

[Jason Hillier]

Hi BiggerPockets!

New investor here, I hope you can help me clean up this mess! I'm just finishing up a remodel on my first property which I was originally planning to flip. At the time, my brother and I created an LLP for the property, as a partnership where we would both share in profits (he provided labor, I provided cash). This was before I had obtained the services of an accountant to keep me from making making mistakes like this! Anyway, I've decided I want to retain the property for myself as a long-term rental. However, to get a mortgage, and claim tax benefits in my own name, it seems that I would need to do a quit-claim deed to put the property fully into my name (currently both my name and the LLP entity are on title). However I've also read that I would lose title insurance on the deed, which would make it difficult to get a loan. I'm not sure what the best thing is to do.

My accountant said he could work with it either way, but couldn't advise me as far as specific legal/mortgage loan requirements go. Hopefully someone here can give me a little guidance! Thanks!