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LLC with multiple partners and mortgage in personal name
I am a partner in an LLC with three other members. This is our first venture into real estate, and unfortunately banks won't loan to a new LLC; therefore, one of the partners is going to place the mortgage in his name. My question is, can the write offs such as interest, depreciation, and taxes pass through the LLC to the other members? Or for this to happen, does the mortgage and/or deed need to be in the LLCs name? All funds used to pay for expenses associated with the property will come from the LLC's account. The goal is for each member to claim 25% of the expenses come tax time...