I believe Equity Trust stopped allowing checkbook accounts for this reason.I believe there is very little room for the IRS to argue if there is more than one person involved with the LLC.

If your loan was a trust deed transaction (I believe this is normal for TX) then there may be no allowance for the lender to get a deficiency judgment if they foreclose.

They loan you the money, and you give them a deed of trust or mortgage on the property.

That for sharing with the group.To extend the conversation a bit.The terms of specific trusts are not transparent to folks here.

. / Chase Home Finance) are screened and have credentials to earn your trust.

@cf2662It is actually just a bank trust, which is the only way the lender can protect itself.

If I decide to start flipping homes I will have to keep my day job, but I'll have to find a construction guy I can trust to follow my orders between 9-5.

Once people get to know and trust you, you'll likely start to get some referrals for business.People like to know who they are working with and getting involved gives you the opportunity to show them.

I don't know the Legal side of that but why would you rent to someone you don't trust?

There was a case in OH where someone was found guilty of brokering without a license and they were using a trust process similar to what you described.