Check for your local state laws, but typically all you will have to do is:
1. establish the LLC
2. create a quit claim deed, notorize it and record it at the county recorders office (you may need to do an affidavit of value as well for the IRS)
3. start making all payments for the property from the LLC checking account
4. make sure your accounting system shows the transfer and keep it up to date
check with local accountant and attorney for your state specifics for the first one you transfer. After that you may be able to do it yourself.
Check for your local state laws, but typically all you will have to do is:
1. establish the LLC
2. create a quit claim deed, notorize it and record it at the county recorders office (you may need to do an affidavit of value as well for the IRS)
3. start making all payments for the property from the LLC checking account
4. make sure your accounting system shows the transfer and keep it up to date
check with local accountant and attorney for your state specifics for the first one you transfer. After that you may be able to do it yourself.
-Joe
Don't assume a mortage in foreclosure. You'll also assume the payment history which of course is bad since they missed several payments.