Transferring Rentals Into LLC - Finer Points
Iv'e been lurking for a while here reading as much as I could so let me get this straight...
My wife and I own several rentals. We would like the properties to be owned by our LLC and use a land trust to transfer title thereby avoiding the DOS clause.
So in the end;
* TCI Land Trust holds title to properties.
* We are the trustees
* LLC named as beneficiary
* Insurance policy in trusts name, trust as benficiary.
Is this right?
Also, sometime in the future we might want to sell a property.
Is the seller ABC land trust?
Do we the trustees sign the closing documents or TCI LLC?
TIA
-Rob
Rob,
have you a RE attorney at all?
you can transfer the ownership to a Tx land trust easily without any problems.
Tx has some very odd laws regarding RE so there are some things you can do but you have to do them a little differently here.
I have some resources for you here in our area. PM me from my profile and I will try to direct you on some resources after a couple of questions that I am not going to ask publicly.