Looking for Real Estate advice.

[RichardBens14]

I have a rental property that I own with some friends, but the mortgage on it is in my name.
Right now we have a handshake agreement about what % everyone owns and there are renters paying the mortgage. The cash is just accumulating for unexpected expenses.
We've often talked about formalizing things and putting the property into an LLC and then have us all own a % of the LLC. However I am worried that the bank may call the loan, especially since the rate is in the mid 3s.
What is the best thing to do in this situation to formalize things? I am pretty new to RE and having a rental. I know there are some really seasoned RE investors and am just looking for advice.
I have looked into having the land trust own the property and then have an LLC own the land trust.

I know that it was incredibly stupid for me to not have things formalized sooner with an LLC or something before hand but here we are.

If anyone has an attorney who specialized in RE they recommend reaching out to I'd appreciate that too. Thanks!

[careocerebro]

Setting up an LLC is a solid move for protecting personal assets and clarifying ownership stakes. The concern about the bank calling the loan due to a change in ownership is valid but often manageable. It's called the "due on sale" clause, but transferring to an LLC where you have a controlling interest might not trigger this—best to check with a real estate attorney.
Speaking of which, getting a good lawyer who specializes in real estate is crucial here. They can guide you through the LLC setup and the land trust idea too. Not sure where you're based, but a local real estate attorney would be your best bet.
If you need more detailed insights or resources, you might find thepropertybuyingcompany.co.uk helpful. Keep us posted on how it goes!