Hi team, I currently live in Dallas, but only have invested in the midwest with rehabs and buy/holds that I currently rent out.

Originally posted by @Danae Meurer: @Steven Hamilton II We do not hold anything through an LLC.

We have a great interest rate, which is what is making us want to hold on to it, but it just might not be worth it when we can use the equity to get us in a better position. 

Investment Info:Large multi-family (5+ units) buy & hold investment in Bryan.

With comps ranging from $875K-$1M and your estimated build cost at $550K, the after-completion value gives you a significant equity cushion, making this project highly attractive to lenders.If you plan to hold and rent the property, you could refinance into a DSCR loan after construction, which bases lending on rental income rather than personal income.

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.

That complicates enough I'd consult with an entity/asset protection pro.I don't hold residential assets in LLCs unless partners got involved. 

Investment Info:Single-family residence buy & hold investment.

The 2-3% points in extra cost are worth it if you plan on using as I described above because the use would be for a few  months at most and due to that short term use you can survive a rate adjustment up.But, if you have no plan to payoff the debt like when using for a down payment on a long term hold why pay the extra cost for flexibility and have the additional risk of the adjustable rate with the amortization looming when you can get a fixed rate second mortgage. 

It seems that to be on Section 8 you need to look for a job on a regular basis.