This involves converting the partners' interests in the LLC into direct ownership of the property.

Join us at the 2025 PassivePockets Summit, May 2-3 in Columbus, Ohio!

Hi everyone,My name is Grant Stanley, and I am excited to be apart of the bigger pockets community!

My wife has a house with a small mortgage left on it and long story short...one of her kids is the other "owner" of the property.  

A great agent will help walk you through the process from start to finish and the home inspector is there to protect you in regards to the condition of the home.

That said, an umbrella doesn't have anything to do with the original question of the thread. 

Depending on how it is done and what guarantees the government offers and requires of the released entities, interest rates could move slightly higher.

Can't see much of the property history since I am in CO.

If the numbers work when I run them, I know reality should only be better.ActualsPurchase Price $227,500Interest Rate 30 year conventional 6.375%Homeowners Insurance = $920.21Rents = $1,900 per monthTotal mortgage + escrow = $1,182.58 per month with rents at $1,900 my actual cashflow is $717.42.Additional numbers behind the dealTotal cash to close = $87,475.55Down payment = $80,000Homeowners Insurance - $918.36Rate Buy Down 1.283% - $1,892.43We paid to lower the interest rate by 1.283% over the course of the 30-year loan.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.