You can either be honest with them up front and work together with them or you can elect to have 2 closings. 

That's also what I've elected to do.

My wife and I are going into active real estate and she has a real estate license, so we plan to elect REP status for her.

Seeking real estate opportunities to invest in Joint Ventures or providing "Bridge Loans"   Prefer Florida but will do deals along east coast.

It's also a good way to get better educated on LLCs.Here's some of the basics....The legal side of LLCs and how they elect to be taxed or not taxed (google pass through) are two completely separate topics.

Randy Tomlinson is another, and presides over the local ARKREIA.

Not to mention the president had a "mentorship class" that cost $30k it hasn't hurt any of their businesses.

If rates are HIGHER now than they were at the time of the first mortgage, which likely is the case in the current economic climate, you can elect to take out a second mortgage worth 50k. (150k is 75% of 200k and you already owe 100k).

@Dulce Davis for what it's worth, when I went to file for my EIN on the IRS website so I could see what was asked, and they asked what state, how many members, and then they asked if husband & wife, and then the next page actually said, you're in TX which is a community state and you can elect to be Single Member or Multi member, and I just had to choose which one.

It was the president headingback to Washington.