Using LLC To Flip REO Propertys
Since REO propertys won't let you assign a purchase agreement to another person after it's signed. I would like to make my purchase agreements in the name of a LLC. After finding another investor to flip the property to for a assignment of no more than 5K I would sell the LLC to the investor. The property would be a asset of the LLC. Does anyone forsee any problems with this. Are their any potential problems with closing on a deal in this manner? Any input would be greatly appreciated.
There are potential problems because you will occur all liabilty that LLC brings with it. However dealing with a bank and setting up a new LLC should limit a lot of the liability in my layman opinion. Its not like you are dealing with disgruntled homeowners, mechanics liens, and other such things.