Which Legal Entity?
My wife and mother in-law recently (about a year and a half ago) bought a rental property in a resort town. The proeperty is in my mother in-laws name.
They are renting it out and then plan to sell it in about 5 years for a profit.
We would like to create a legal entity to own the property.
Which legal entity is best for this situation?
How do you transfer the property so that the entity owns it?
AN LLC to own the property and you would transfer it by a deed.
Probably putting it into a land trust and then assigning beneficial interest to the LLC. woud accomplish all your desires and leave bank financing in place..
[addsig]