Yes, "single entity LLC" is Fannie Mae jargon as for a qualification for the the loan as it is non-recourse and need to have no other properties in it for liability reasons. For tax purposes, this is just a standard multi-member LLC. My brother and I own the LLC separate from the original entity. The new entity does have a new EIN and is filed taxed as a partnership. Our lawyer did setup this new entity for us and it does have a new legal name in which the deed was transferred to.
I read on some of the other forums that technically we should have quitclaim deed from the old LLC to our personal names first, then from our personal names to quitclaim to the new LLC. Our lawyer told us it was unnecessary at the time, but I'm thinking it is more of a tax issue than legal. Any thoughts?
