I would greatly appreciate your input on this matter.Here is my setupPurchased property under a TrustLLC in FL owns the TrustHolding company LLC in WY owns LLC in FLI purchased the property sub-to, took over the seller's mortgage and I’m working on setting up insurance for the property.I understand I need to keep the seller as additionally insured in my insurance, but the seller no longer has "interest" (ownership) either in the Trust, nor any of the LLCs nor in the Deed nor Settlement Statement.

Ownership vs.

If seeking conventional financing, you cannot do a cash out refinance based on ARV until 12 months of ownership.

The credit partner needs 20% ownership of the LLC and then we close in their name. 

This would involve an agreement with your partners and a formal transfer of ownership, typically through an updated operating agreement.2.

I've been involved in two JV BRRRRs with Land Trust ownership structure, the one we still own happens to have Joe Seagle's company as trustee who replied above.  

I plan on splitting this land into two 1.5 acre lots as there is enough road frontage, but I'm concerned that someone could show up and want to start drilling in the backyard.I think someone wanting to drill is unlikely for the following reasons:- the original owners are probably dead and the ownership is split between inheritance to multiple people- the lot is too small for them to mess with- there is only a single active well/pump within 30 miles from what I can see online.

Ownership.  

I read that the government (village in this case) takes ownership and pays fair market value to the owner.

Remember when I said all it requires is to not get greedy; some would see this and obsess on being at "only" 40% ownership now and completely ignore the fact of how all that math plays out in this.