I agree that transferring a property with an outstanding mortgage to an LLC can be risky proposition.  

Considering the rent one of the houses would bring it it was actually a decent investment for somebody who didn't mind some time on Summit Rd and Highway 17.Another option to purchase some wholesale house at an attractive price and put some sweat equity in it.Best,Dominique

It's all about how you want to do your bookkeeping,, carry over the balance every month, and continue to send past due balance notes on the outstanding late rent fee or write it off.  

My debt to income is outstanding and my credit is good but having actual cash on hand is my issue.

I could be wrong, but as a primary source of funding it doesn't sound feasible.Also note that even if they charge zero interest for a time, most cards will still require you to pay down the principle balance at a pace of 1.25% per month (so if you have $10,000 outstanding, you have to make a monthly payment of $125).

Cypress Hills is also in close proximity to the Jackie Robinson Parkway which is the only highway in that general area.As a Bed-Stuy property owner, you're in the middle of an area that has seen insane appreciation.

I think he now has two loans because you say he had $100K of equity and a $300K value, implying there is an outstanding $200K balance loan. 

@Jason BilbreyYes you can do so assuming that you have not had any outstanding loan under each plan for the prior 12 months (because of the multiple loan rules).

The ROI on the improvements sound outstanding.

Outstanding amenities include spacious walk-in closets, granite countertops, stylish carpentry and trim all throughout, green common areas, simplicity and comfort at its best.