Rent Eviction Vs. Land Contract Eviction
My father sold a property on land contract (LC) and now the person is not making payments. Is there any difference between evicting a tenant and someone who holds an LC?
Michigan if it matters.
He was told he had to go to the county courthouse and they would start the paperwork.
Your state law dictates whether a defaulted land contract is treated as an eviction or a foreclosure.
We have alot of student housing here and I know atleast one guy that pays per student and not in a multi-family.
-NIck
We are more on the thinking of using one llc but having each property in different land trusts. We use one bank account for rent money and one account for our security deposits.
[addsig]
How does the land trust help isolate the liability?
I am far from an expert on land trusts, but it would seem that both land trusts on asset of the LLC and if the LLC was sued both rental properties would be exposed. Could you explain this a little please? Thanks.