All Forum Posts by: Mark F.

@Jacqueline Wright - What you're suggesting is very close to along the lines of what I was thinking.  Some form of contract or option agreement that I was looking for specifics on that would pass muster with audit or legal around the property being a temporary asset.  I had come across something called Real Estate Aribtrage - the right to rent out someone elses home.  But curious if anyone in the group had specifics about that type of aranagement or any other.  @Tom S. - good question.  Ideally I'd like to have the corporation pay expenses directly or it will look like income if it is transfered to me or some kind of expense reimbursement both of which would be taxable personally.  I'm constrained to being on title so completely understand that I'm accountable to the lending debt - not concerned about that.  But I need to find an avenue to show corporate ownership or tenancy or something that would absent of title imply that the asset is at least shared by myself and the corporate entity as far as its debt obligations / expense management.

I have a mortgage (2.5M) on a residential property located in the state of HI, titled in my personal name. I have enquired with lender about in shifting title to a single member C-Corp, but they don't allow it "Bank's charter does not allow it to purchase or own loans where the borrower is a corporation". ( I'm not interested in opinions on LLC ownership or pass through entities and the various tax advantages of those structures - It has to be a C-corp (but thank you anyway)). What I'm trying to figure out: Is there something that is a legally binding document that the corporation and I could enter into that would show that the property is a corporate asset without being on title and allow me to circumvent title challenge Ive just encountered on transfering the title to the corporation. The document or whatever instrument allows this would ensure that the obligation to pay for the mortgage and expenses (Taxes/utilities/maintenance etc...) falls to the corporation and not myself and would be paid directly by the corporation so as to not look like income in the form of a transfer from corp to me to lender. I've considered an assignment / option agreement / not sure how to structure these. In the exploratory phase. Open to any ideas that are out there.