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?
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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..
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