Sat, Jul 04, 2009
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LLC Legal Question? |
mwithorn
15 Posts
Member Since: 03/19/2003
Massillon, OH
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Posted: 11:25 on 06-11-2003
Ok this is going to be long so bear with me, as Im a new investor working with another new investor.
Lets say investor "Tim" owns a B-Tust and is willing to use funds to purchase investment property. He buys a property lets say at $30,000 and wants to transfer to "ABC" LLC.
"ABC" LLC is owned by Investor "Tim" and Investor "Sam".
"ABC" LLC sells this same property to "DEF" LLC for $50,000
"DEF" LLC is owned by investor "SAM".
Investor "Sam" "DEF" LLC, goes out and gets a $40,000 first mtg from "A" Bank and "ABC" LLC is willing to hold a 2nd mtg for $10000. to purchase this property.
Is this legal?
Mike 
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