I would prefer to manage everything through the LLC's account for bookkeeping and tax purposes.Proposed Solution:Open a new joint personal account specifically for making mortgage payments.Transfer the monthly mortgage payment amount from the LLC's business checking account to the joint personal account.Document these transfers as "Owner's Draw" or "Owner's Distribution" in our accounting records.Use the joint personal account to make the mortgage payments.Questions:For the CPAs and accountants out there:What are the tax implications of this approach?

If you add in a provision that the tenants are "jointly and severally liable," you can go after either of the tenants for the FULL amount owed.

But, there are other ways like teaming up with someone and joint ventures where your credit isn’t even used.

We purchased in 2017 as a joint venture vacation home (for all of us to utilize). 

In my experience, partials work better with performing notes, and joint ventures work better with NPLs.

The "2 of the last 5 year rule" in U.S. real estate allows homeowners to exclude up to $250,000 ($500,000 for married couples filing jointly) of capital gains from their income when selling their primary residence, provided they meet two criteria: they must have owned the home for at least two years and lived in it as their primary residence for at least two years within the five-year period ending on the sale date.

CPA recommended we open a joint business checking account under both of our names to keep tax season simple.

(Being that most apartment building in downtown lisbon are small and only need refurbishment on the inside no structural repairs needed).Which offer incredible yields both on a rental basis or from a fix & flip perspective.In my specific case I don’t have the required funds available to enter on my own and therefore am looking for seasoned investors who would be willing to enter on a partnership or joint venture to invest (all legal, with written contracts obviously).I have seen people with no money but the right skills and connections for the job be successful at it.

By way of background, I have been working as a Medical Device Sales Representative specializing in orthopedics and total joints with Johnson & Johnson | DePuy Synthes.

@Felix PiperIf everyone is truly active, it can be a simple joint venture.