Yes I believe you can buy property in the name of your LLC. The problem we have had is that we are locked out of obtaining the best financing. (FHA & other programs, as most of these needs to be held personally) The banks we use allow it but make us sign personal guarantees for all of our property effectively reducing some of the effectiveness of the LLC.
Hello Superman. You should check with your loan agent. The lender will most likely not want to give a loan to an LLC, at least not without a personal guarantee. You may be able to buy it as an individual and then put it in the name of the LLC later, but you want to make sure that the transfer into the LLC's name does not trigger the due on sale clause. Frankly, I am not sure why you'd want to put your personal residence in the name of a LLC. What is the nature of the business that you conduct in the name of the LLC. Do you have an LLC just for the purpose of holding real estate or is there another business purpose. I know that investors like to hold their properties in an LLC because they don't have to pay the 3.33% taxes at the close of escrow, which means that the money is available to them for other investments until tax time. As far as the tax consequences as a whole are concerned, you should really consult with a CPA who can guide you and tell you what the tax benefits and/or disadvantages might be.