Hello,
I’m looking at buying a first investment property in Oakland CA, at an anticipated cost of around $1.2M. I am looking at it as a buy and hold, renting out in the near term, and ultimately renovating and either moving in or selling for capital gain.
I currently own a home, with a 30-yr mortgage. I have equity of around $500k in it. The mortgage is in my name only (not my wife’s).
I have around $100K in cash available. I have additional investments I can liquidate for a down payment up to $300k though that would trigger capital gains tax (some short term).
What's the best way to structure a loan and purchase to minimize cost and tax liability? My wife currently has only a car loan in her name, and we have great credit. We do not currently have an LLC, but could set one up.
Thank you!
