Trouble Finding A Bank Partner For Out Of State Refinance

[Tim Coakley]

Hi Everyone,

I'm hoping someone can help me out. My partner and I are located in South Carolina, but we are looking to purchase some large multifamily properties in Milwaukee, WI (triplexes-small apartment buildings). I am originally from Milwaukee and have a solid network there, also the market is much more favorable to where I live now. We plan on buying 3 or 4 and then do a portfolio refinance in 3-5 years. Wisconsin typically has a 12 month seasoning period. However, we have talked to a ton of local banks in Wisconsin and no one will work with a non-resident for the refinance. Some even require 51% of partners be local residents. 

I could potentially claim dual residency. My regular job is located in Milwaukee, (I work remotely) and my primary bank account is still in Wisconsin. However, I think I would run into the problem of having to pay taxes in both states. Outside of finding a local partner to work with, has anyone found a way around this?  

I'm open to any and all suggestions.