You should have no problem retitling your property under your LLC's name and reissueing the loan under the LLC as well with a guarantee signed by you and your partner to the bank.Probably get away with about $750 in fees with the Lawyer and bank fees.The attorney will do a retitling so that will save you money instead of a full closing.JoeJoe,I doubt very much that the lender will be OK issuing a new loan or otherwise taking the borrowers off the present loan.

I will be getting it appraised after I figure out what I will purchase next and how I will be using the equity in the industrial property.A conservative guess is $80-100,000 in borrowable equity in the property (taking 80% of the appraised or FMV).What is the better way to utilize this equity (or cash) that I have?

If you could borrow from a bank or you have more than one investor who would put in money then base what you pay based on what is competitive.

. - Set the payments to be inline with the market AND what the borrower can honestly afford to pay monthly.

Maintenance looks low.Anyway, here's how I see this deal:Gross Rents: $14,620 per monthOperating Expenses: (50%) $7,310NOI: $7,310Mortgage Payment: $7,164 (20 yr, 6%, $1 million) this assumes you can borrow the $100K downpayment with 6% interest, which I don't think is possible)Monthly Cash Flow: $146 per month or $5.84 per unit per month OUCH!

Some of the other differences will be is that many of these loans will be no personal guarantees( the property qualifies for the loan not the borrower).

The borrower still has to report the amount forgiven but some do not.

I was told by a local banker that if I rehabbed the house into a daycare center, I would have a difficult time borrowing money.

So the more expenses the bank has on homes in REO state, the worse their income statement appears to investors on a quarterly statement.Now the 100 statement, a bank just doesn't make money out of thin air, they are able to leverage the money in their accounts like we do when we borrow from them.

I have a 680 fico due to all of the items on my credit - nothing derogatory, just a lot of borrowed money.