I would like to purchase an investment property (rental) under a LLC (single member). Will I have any trouble from the banks in receiving loans? Also, by this being a new LLC (I have a few thousand to fund the LLC) how is the credit report ran? Is it mine personally or no?
Answers:
Since you are the only partner, why not a S corp? For federal tax purpose your single partner LLC will be treated as a sole proprietorship.
The bank more than likely will not loan to a new LLC, they would require you to co-sign, which makes you liable for the loan. They'd use your credit report..
Basically they will run a credit check on you personally. You will buy the property in your name. Then once the transaction is completed you can put the property into the LLC.
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