Quit Claiming / HUD Rules
Hello,
My partner & I have owned a property for about a month & have just put it back on the market via realtor. The title is in my partner's name but we'd like to quit claim it to our LLC. Our property insurance company will allow it only if my partner keeps his name on title with the llc as the "additionally insured".
Would that create any additional problems / suspicions when we find a buyer who is trying to get an FHA loan, say, once the 90 days have passed from the day we purchased the property?
How are other fix and flip investors getting around this HUD rule so that they're not sitting on a property for 90 - 180 days?
I'm also curious as to whether anyone is challenging the HUD rules or if there have been any changes to it since it's inception.
Thanks!
Jen
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