It's like selling pizza by the slice!

They actually owe more than they can sell it for.

The same is true if you would want to sell it at some point. 

Will you need to sell the property?

Just try to sell it to someone else for anything so you don't lose all of your money.

From a personal standpoint I target 70% LTV for any investment I have that way gives me ability to sell it if I need too

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

Hello,Little background I’ve been buying and selling since for 15 years.

You are only adding complications and costs with the LLC with no upside  This is all assuming there’s been almost zero appreciation and you shouldn’t sell tax free while you have the chance. 

We are selling properties first come first serve.