Yes. You create an LLC. Sell your house to the LLC. Have the LLC rent the house to yourself. Then have the LLC rack up massive amounts of business debt improving the house. Have the LLC declare bankruptcy. Have a family member offer to buy the house out of bankruptcy to settle with the lenders. Buy house back from family member. Rinse and repeat.
Essentially the steps used by many owners of cheap hotels.
Yes. You create an LLC. Sell your house to the LLC. Have the LLC rent the house to yourself. Then have the LLC rack up massive amounts of business debt improving the house. Have the LLC declare bankruptcy. Have a family member offer to buy the house out of bankruptcy to settle with the lenders. Buy house back from family member. Rinse and repeat.
Essentially the steps used by many owners of cheap hotels.
By me, it’s done without the LLC on residential homes by large families.