how is the mortgage being paid? directly by you and the other members or by the LLC?
The tricky part is handling the mortgage since it's in your personal name(s). I think the proper way from an income tax standpoint, starting ASAP, is for you and the other member(s) to each make capital contributions to the LLC in the amount of your respective ownership interests. Then the LLC "pays" the mortgage. This maintains the proper separation between personal and business finances. HOWEVER, this may raise a huge flag at the mortgage companies.
