My dad, a sole proprietor and property owner had a stroke leaving him unable to speak and fully communicate. Prior to the stroke he wasn't very open about his business! His property is in pre-foreclosure. There are other utilities and judgments that have been filed against him but I have no way of knowing what's what until I receive a legal threat. Initially, there was supposed to be a family effort to provide support for him. That is no longer the case! There is no additional income from my dad to keep things afloat. I have POA for his affairs. With several children and no one contributing besides me, I can't afford to protect my investment. If I were to form a LLC to protect my personal property and affairs, would I be able to feasibly do business, i.e. transfer the property to the business, rent the available apartments, secure leases, and create business in the space that he once occupied to produce business and regular revenue that will be able to pay the mortgage?
Would I also be able to re-visit his current mortgage which covers the property as 51% commercial/49% residential to a different ratio, if I can build a first floor apartment for him in the space once used solely for business? If I made it a higher percentage of residential would there be a possibility for a re-structured mortgage?
