Posted by eric on September 10, 2004 at 10:13:07:
Yah…get your name on title, or make sure he transfers the property to the LLC.
Property purchased 50/50 - Posted by Rhonda
Posted by Rhonda on September 09, 2004 at 21:37:48:
My brother and I formed an LLC to buy a second home. Our operating agreement clearly states our 50/50 ownership positions in this property. The property was purchased quickly for $400000 cash–with each of us contributing $200000–although he is listed as the buyer to facilitate a refinance. To get some of our cash out, my brother is getting a 80% LTV HELOC in his name. He will return 80% of my original investment, and I will be making monthly payments of PITI to my brother to maintain my 50% interest in the property. Likewise, he will be making payments to the bank.
Besides the protections offered by the LLC OA, are there things I should do to further protect my interest in this property?