Land Trust
I am purchasing a house as primary residents and have one rental property. I was advised not to put my primary residents in a land trust an in to my llc because I would not be able to clam the capital gains tax exemption. Is this right?
Like any good lender, ask your friend for a credit report, look at her debt to income ratio, look at assets, what is the plan for the two properties (I assume investment, so what possible rents could they get to offset the high mortgage), etc. Try to get 10% down.
Brenda
See if there is a successor trustee listed within the trust. If so, have them distribute the assets.
Come back and let us know how it goes.
If you need the money quickly, there is a company that will advance you a portion of your share of the estate. Of course they take a certain percentage, but it can come in handy if you need the money sooner than later.