Then you own the LLC and can transfer the property into it.If you transfer the property into that LLC the way it is then technically you just gave your friend ownership of the house proportional to his ownership of the LLC.I'm not an attorney, so take that with a grain of salt.

A "lake house" might be in a residential zoned area where a commercial use would be prohibited or at least require a variance (approval) to make an exception.

I'm an investor and used to house hack. 

We just fixed up the house and have it on zillow with several applications in 24 hours. 

Purchase price: $355,000 3 unit house hack with 2 separate buildings. 3 Bedroom/2 bath, 2 bedroom/2 bath, 1 bed/1 bath.

The December 2024 report from the Austin Board of REALTORS® (ABoR) shows stable housing prices and balanced market conditions in the Austin metro as we reached year’s end.

As a community I think we should focus on helping people who have had their housing situation negatively impacted recover as quickly as possible.

Be careful not to violate any Fair Housing laws during this process.

The truth is, they will keep playing games and milk you for every penny they can, then they will leave the house a mess and cost more with cleaning, repairs, and vacancy.

It's the concept of buying the debt attached to the mortgage rather than buying the house.