You'd need to get a commercial loan for that to happen, and those loans are not quite as favorable since they tend to have higher rates and shorter terms.You could purchase it in one of your names and do a quit claim deed over to the LLC, but the mortgage would remain in the personal name of whomever originally signed the mortgage paperwork as borrower.

Antoine I may be definitely interested  in martelfamilyrealty.com, but I think I still have quite a bit of learning still. 

Turns out it has been leaking for quite some time and a lot of the subfloor under the tub had been soaked. 

After a year...Moving forward, assuming you want to stay in the Fannie world and milk GSE subsidized financing for as long as possible, don't do partnerships in quite this way.

What are the likely fee amounts that will be charged by the bank for the foreclosure process that will begin to eat up the equity in the home if it is not forfeited completely?

I have been on the fence of hiring a very credible mentor, however after reading the few chapters of the intro of Bigger Pockets, I am not quite sure what I should do.

Sounds like I may have to end up eating costs then on this one.I guess the next question then is do you think I'd be better off just letting my insurance cover any potential damages in the rare event that the pipes leak and paying premiums, or hiring a plumber/drywaller to do the work which would probably cost around $2K-2.5K  i'd imagine from the sounds of it.

I think personally you would not be wise to change a very solid carefree investment for something you have no knowledge of.One thing you may consider if your itching to do this.. is find a syndicator that may have a TIC opportunity let them do the heavy lifting and you can still do your 1031.but man i would not mess with a great thing. to move down in asset classMulti is quite frothy good to stable properties are selling at 4 to 6 caps... 

If you are currently showing a loss for tax purposes - you have to see if the additional depreciation will benefit you.If you are not a real estate professional(it seems like you quit your other career and in RE full time now so you may be) your losses above $25,000 may be suspended and carried forward.If the property was acquired in 2017 you may be able to carry the loss back 2 years.

This amounts to the same LLC, but taxed as an S corp.The reasoning to convert to an S corp is to avoid the self employment tax which is quite high.