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Updated over 4 years ago,
Property in 2 member LLC now what
My partner and I bought a property cash under an LLC with the idea to BRRRR it. We fixed it up and rented it for more than 6 months now but realized that LLC interest rates are very high. So I'm looking at a couple of options
a) Refinicing the property under our names and transfering it back to the LLC after (that would mean having another loan under my name and being 1 loan away from the loan max for a very small value, 50k)
b) Allow him to buy me out of the LLC with a 50% ARV payment and he can refinance the property himself (not sure how that would work with taxes, I can ask my CPA) or keep the LLC under his name. I'm not sure what the legal procedure would be.
c) Let the LLC sell the property to him personally and devide the earnings half and half.
I would love to hear people's thoughts and maybe someone who did this before.
Thanks in advanced.