I think a simpler structure for this could be a achieved by forming an entity with the financial partners or establishing a Joint Venture agreement between your company and the co-venturers who you are partnering with here.It would pay dividends to sit down with a skilled CPA and business attorney to chat through this idea. 

If so, would the transaction I want to carry out with the bank be a genuine refinance from their perspective?

In 2016 I help my dad get a house by taking a Joint mortgage with him.

At that time, you really just need to start putting those ideas into action as knowledge unused is completely worthless.Self education is the key, but we all have a tendency to over self educate...... soon enough you will realize that you, in fact, are one of those "analysis paralysis" characters that you never would have thought would be you... meet with people, genuinely find out how you can help them, and you will achieve what you set out to do.Hope that helped man!

Anyway, I can reduce the penalty because I had a genuine financial emergency?

I'm no CPA, Account Closed, and I know nothing about Canadian tax rules, but I have to think the revenue service would never fall for this.One strategy I have read about is to genuinely buy the place as a vacation rental.

Hello everyone,

Hope you're having a great day!

I'm a new investor and have recently started going out to meet-ups, networking, and trying to find deals. The other night I met a more experienced investor at a no...

Hey BP Community,I and two of my close friends are looking to buy a duplex. We're looking for a 6 bd 2 ba where we can live in one half and rent the other half out, hoping that this will make our monthly payment very ...

We are filing jointly but separating rental incomes onto different schedule e's to help the underwriting process.

But, If the LLC is a disregarded entity (meaning that its only members are you and your wife, you file a joint personal tax return, and the LLC is taxed as a sole proprietor so it doesn't file it's own tax return) then you can sell as you and your wife and purchase as that LLC anyway.The key is that the tax payer has to be the same for the old property and the new property in a 1031.