My sister and I currently own a house together, and are planning on opening a small store in a primarily tourist-oriented destination that's about 3 hours away. Our original plan was to sell the house in order to come up with about $20,000 to contribute to the business. Talking to a SCORE counselor, we were told that the bank will NOT let us sell the house, as that is their only true collateral, other than 2 cars. So we've decided that I will move up there while she will stay down here in the house. This will stretch us financially, and I'd also like her up there just to help out with the day-to-day running of the store. Will there be a point down the road where the bank would let us sell the house and just contribute the money instead? Or are we stuck paying for two different places for the entire life of the loan? If it makes any difference our company is an LLC. We will be talking to a banker about this in a few weeks, but I just thought I'd brace myself for the bad news early :P Thanks for the help.
