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
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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.