Would really appreciate any advice anyone could give me. My mom and my uncle co-own the family beach house. It's owned free and clear, in Florida, and no one ever visits it. My uncle wants to sell his half and I'd like to buy it and fix it up and turn it into a vacation rental. The best scenario I've been able to come up with is my uncle quit claims his half to me. I wait six months for seasoning and then cash-out finance it to pay him off (is this even legal?) and to secure the funds to improve the property.
I'm running into trouble though, as I already own 4 finances properties, and the lenders I've talked to won't do a cash out (citing Fannie Mae guidelines) for someone who already has 4+ financed properties.
Would transferring one of my existing financed properties to an S-Corp, LLC, or trust be a possible solution?
Any advice would be much appreciated.
