Hello All,I recently heard on the Biggerpockets PODCAST an Ad for Found.com (Banking and Bookkeeping) and went to check it out, however it is only for single member LLC's. 

Loan balance is 280k, value is over 500k, cash flows about $1300…went to apply for a business line of credit thru my operating LLC and was denied due to losses in last years schedule E…the idea was that I use the LOC to help pay for a down payment.

Also, I want to know if a property such as this warrants an LLC even if it is my first investment outside of personal use properties.

I’m in Michigan and I’m not sure of the LLC creation process. 

@Glen Michael we charge an onboarding fee to owners, which they ALWAYS complain about, but they don't want to undertand why it's so important.We use the funds to check:1) Ownership: we verify property is actually properly deeded to their name, LLC, etc. - We've found issues where owners was NOT on the deed and was scammed- We've also had to patiently explain to owners that since an LLC owned the property, that the management contract had to be in the LLC name and we needed proof they could sign for the LLC.2) Property Taxes: we make sure we know the status, to avoid tax foreclosure issues.- Took over several properties for an out-of-country owner last year that we're in the midst of tax foreclosure.

When I want to rent out this house, I am thinking of leasing it to an LLC which will have both me and my wife as members and that LLC will be leasing it out to the tenants.

@William HooFattIn TN, it is illegal for a landlord to represent themselves if the property is held in an LLC.

I heard about setting up a LLC out of a state that has lower taxes than using your home state which may potentially has higher taxes.

Then right before closing, they ran the county records and said they can’t do a HELOC on a home I don’t personally own, and I would need to do a quit claim deed and put it back in my name to get the loan approved and then can do another quit claim deed to put it back under the LLC that it’s currently operating under. 

Are there any potential problems with investing as an LLC and not as an individual?