Account ClosedDon't forget the insane 4.1% transfer tax in Philadelphia.

Hi BiggerPockets community,My friend and I are going to close on our first property (4-plex) together and we're wanting to transfer the ownership into an LLC.

We bought it with conventional financing and immediately transferred it into an LLC we setup with its own business bank account and such.

Doesn't mean you need a commitment upfront, but you should have a list of potential financing options/people you can go to as soon as you get a deal under contract.If im looking to partner, purchase the property in cash or in my name, and then transfer it to an LLC. 

Basically, the chain of title is unbroken and free of defects and transfer of title can take place with little to no additional work involved above and beyond a normal closing.

I said this, because I think I read in some place that when you are new or is your first property it is very hard to get a mortgage on an LLC, so it is easier to buy the property under my name, and after that make the transfer to an LLC. 

@Alyse Oz I don’t have much experience with forming LLCs for rental properties but for use in a startup or business most incorporate in Delaware because they have a separate court for business entities and they allow for easy transfer of venture ownership to allow startups receive funding from VCs.

We had to move from Illlinois to Florida because my husband had a job transfer.

I got duped into sending $10K in the form of a wire transfer to a person who was acting like an individual from the title company. 

They can transfer the rental property into the LLC for less than $1500.