In this case the owner is willing to transfer the property to me via my LLC if that is best.The owner has no problem with receiving their money after the fix/Rehab has been done in the property has been refinanced or sold.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

@Shannon Schlappi I just googled a subject to template. https://pin.it/2f5qzD6Have attorney read or draft the agreement, sign, transfer the title, keep making payments, then profit.

The warranty likely won't transfer to a new owner.bottom line I wouldn't get to hung up on the warranty. 

The question is can we leave it in the LLC or do we have to transfer or distribute it to ourselves?

Things get murky real fast when a tenant thinks they have ownership in the property.

@Jay Hinrichs   What I call open minerals is almost the same way....that is no production, just potentially just ownership of the minerals. 

Reserves (as discussed below) are transferred out of the Operating Bank Account and into the Reserve Bank Account.

So if the $2k is roughly equivalent to market rent for an area the this is a reasonable strategy for getting ownership of a property and keeping your monthly rent expenses stable. 

We would like to create a LLC in South Carolina and transfer the property from the current LLC to this new one.