My mortgage is $2450 monthly.

@Holly Thorsen see above for potential challenges tapping your equity in the rental.You only need 5% down for a regular mortgage, 3% down for an FHA mortgage - so why don't you have the funds?

There is an abnormally low amount of new construction occurring on the coast in comparison to the demand and the existing inventory can be quite dated, especially for those coming from areas like California.

@Daniel Tanasa $1905 per month (mortgage +interest) , taxes (around 3600 per year) and insurance (1500 per year) => so 2330$ is my PITI

Have $500K mortgage.

But if the mortgage is 2k or 3k then I'll be in a tough spot. 

I actually had this account from years ago, before my Realtor days and before my mortgage lending days.

Quote from @Louis Hamilton: The property is worth around 800,000 and has no mortgage on it.

You search for existing guides, select the best and provide the link or the document to your clients.

I want to know is it more cost effective or easier to purchase the property alone and put it in a mortgage in our name or purchase the LLC from him that holds the property within it.