Can You Move A Rental Property Into A Newly Formed LLC?
I have a home that I purchased three years ago and lived in until six months ago when my company relocated me. I was unable to sell the house and recently went into contract with a property manager. I was able to secure a tenant for the house who is committing to a Lease purchase deal. The deal is 3% upfront option money with a two-year lease.
I would like to get the property out of my name now that it will be the beginning of my REI. From everything that is out there an LLC seems to be the logical next step. My main question is how do I move the house from my name into the LLC where I will have limited liability?
Will that allow me to show that the company has the rights to the property? I would like to pick up a multi-family property will I need to do the same thing with that property also?
Thanks,