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Updated 5 months ago,
Looking for advise for FHA and LLC. Just purchased first duplex. Renting one unit.
I just purchased my first investment duplex at the beginning of this month. I know I want to buy more properties in the next couple years but for my first one, how can I setup an LLC for the best asset protection? When I was going through the mortgage property the loan processor (didn't really seem like he knew what he was talking about fully) mentioned I can't put the house in an LLC because its an FHA and it might make the loan Due on Sale? He said it can be in a trust but not an LLC. Can I still make an LLC and just collect the rent and put the maintenance and mortgage payments through that LLC? Can I put the house in a trust and then put the trust into an LLC? Then the lender wouldn't know? I am not sure. I have not had the tenant sign a new lease yet because I want to see if I should write it in the LLCs name or mine. She is on month to month right now. Do I speak with a real estate attorney or an real estate accountant?
Thank you for any help.