The debt will still remain in your name and on your credit report as the human person that signed the "promise to repay," of course, until you actually repay that debt (selling and refinancing being two common examples of ways to pay the debt off if you don't have $200k sitting around in a checking account).Before you start shoving all the rental income into your LLC on your tax returns, however, I suggest getting tight with your go-to lender if you plan on purchasing additional properties within the next two tax years.You don't want to be in the position where you have to go to a hard money or portfolio lender just because a stupid little mortgage guideline check box cannot be checked!

That is good to know that it shouldn't take an absurd amount of time to hear back from the bank. 

She threw out $350K, which is well beyond brand new house retail, and absurd, so I ignored.  

To me you sound like a grumpy human being whos advice giving tactics hit below the waist. 

That's why property LLCs should NEVER be owned by a human person, only by two or more other entities (C-/S-Corp.'

The house had a human size chessboard, koi ponds, sand volleyball court, view.When he figured out he was losing the house, he trashed it... cement down toilets, broke shower pipes in the wall, threw paint on the cabinets, etc.

There is a human component as well but you have to monetize as well.If the broker/agent is not doing this I wouldn't want to work with them anyway as they do not understand business and time versus money cost.If they do not understand that they certainly do not understand how to evaluate investment property for you.Is this an investment broker/agent or someone who just list homes that you stumbled across??

Originally posted by "charles whitaker":mwarden, the educational cycle of being mentored and then returning the favor to another is the best thing that I have ever heard of and I only wish that all humans would carry this mentality into all of lifes affairs; we as a civilization would only be stronger as a result.It is a pretty natural thing.

I look forward to exploring the world of Bigger Pockets and everything it has to offer including networking with other amazing human beings in the process!

If you want a mentor for someone to lean on due to your lack of knowledge then this site works just as good as any human can if not better.