Long Term Holds - Portfolio Lender or Fannie/Freddie

[Matt Pritchard]

I own all of my rentals in the LLC. I then have them with a small bank in their portfolio. But I want to hold them for a LONG time. I'm considering moving them to Fannie/Freddie. I have two questions.

1)  How do I maintain limited liability on rentals if they are in my personal name?  

2) The LLC is a 50/50 partnership. So how are the interest deductions handled when tax time comes around? If my name is on the loan, I get the deductions (YES!!) but my partner doesn't. Anyone have experience with the bookkeeping on this??

And, yes, I know there is a 10 property limit.