Purchasing Investment Property Through An LLC
I recently formed an LLC to hold my investment properties. Currently they are under my personal name and one of them has a HELOC that is under my personal name.
I was told I can create a land trust and deed the property into the land trust and then have the LLC as the beneficiary.
If I do this, are the investment properties now owned by the LLC even though the 1st mortgage and HELOC is still under my personal name? Do I get the asset protection of the LLC?
Also, if I draw money from my HELOC (that is still under my personal name but is based from my rental property that is now deeded to the land trust and the LLC is the beneficiary) to purchase another investment property using my personal name, is this considered co-mingling?
Thanks for the help.
[ Edited by gus87 on Date 11/14/2007 ]
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