You must have at least 21% ownership in the trust if you want to be the primary guarantor. 

To really reap the benefits of your ownership of the NY property over the years you'll want to sell and do a 1031 exchange whilch will allow you to reposition your real estate anywhere in the country and into any type of investment real estate --- without having to pay tax on the profit from your sale or the recapture of depreciation. 

The most likely time for dogs to cause damage is during the first year of ownership, whether it's a puppy or an older dog that is just new to the family and going through training.I wouldn't rule them out over this one issue, but I would certainly be cautious.

most capital raisers get ownership interest in the GP (or are broker/dealers)

Significant liability attaches to ownership as well as management.

A little background information in case it's important: there are 3 partners holding equal ownership in the LLC, only one of us lives in MI.

(v) A person with an ownership interest in the mortgagor, unless the mortgagor is a publicly traded company.

The violations pre-dated the borrower’s ownership period and our expectation was the renovations would resolve them.

This step formalizes the transfer of rights from you to the new buyer.It's crucial to ensure that all parties are aware of and agree to the assignment process before proceeding.Closing:At the closing, the new buyer typically pays the purchase price outlined in the original purchase agreement directly to the seller.Simultaneously, the new buyer pays the assignment fee (your profit) to you, as specified in the assignment agreement.The closing may involve a title company or attorney to facilitate the transfer of ownership and ensure all legal requirements are met.

These lenders may have more relaxed requirements regarding the ownership structure (LLC vs. personal names).Seller Financing: If the seller is motivated or willing, you could negotiate seller financing where the seller acts as the lender.