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Forming an LLC in California
Hey BP,
I posted here earlier asking whether to cancel my loan or continue.
http://www.biggerpockets.com/forums/49/topics/72028-loan-application---cancel-or-not
Well, the lender came back today and asked for more conditions, many of which were repeats... The documents we provided were not adequate and they did not care to clarify what were the right documents. Keep in mind we sent them tax forms, bank statements, the whole shebang. I do not want to wait another 2 weeks for them to tell me the documents I send are not the right ones again. After more than 2 months of jumping through hoops with them, my friend and I decided today to pay cash and worry about the refi later.
My friend and I want to form and LLC. He has cash that he will loan the LLC; the LLC will pay him the monthly mortgage as if he were the bank.
Further down the line, we'll refi and pay him back.
So this brings me to my question. Are there any lawyers here that can help or guide me through the process of forming an LLC for real estate. And of course, I can pay for services to obtain and setup legal documents.
Some points to include in the LLC would be terms we'd include in our partnership such as shares, prenups, bank limits, and other terms, paperwork, etc.
Lawyer referrals, recommendations are much appreciated!
Thanks
Cameron