Hi,I just got my LLC and and EIN.

I control a 42 unit mobile home park through my LLC. 

https://www.lumberliquidators.com/ll/c/.Corn-Silk-Oak-LVP-Tranquility-15CSO/10043291

I am fully aware of the extra paperwork and costs that come with LLC ownership.

I would put it on the market, boost a 720+ FICO & build a LLC with A/B credit and get ready to use the town proceeds to put down on your 1st CRE deal you are comfortable with.

As the property is owned personally by us and not the LLC, the LLC would not protect us from legal liability.

I lnow that one of my lenders will allow me to refi as a buisness loan (must have some form of corporate structure( C-corp, S-corp, LLC)  as long as the rents is $1 over the debt service of the loan. 

How many of you had banks call note due on the loan when you transferred the rental property into LLC?  

But I’m not going to open a business bank account for an LLC that doesn’t exist yet because I didn’t buy the property yet.

For example, Pen Fed will do a Heloc on a rental OR primary if you have 3 properties or less including a primary and they are held in your name and not an LLC but once you have 4 properties or more including your primary they will ONLY do a Heloc on your primary.