Transfer Property in Land Trust to LLC to Rent

[Jupin Chacko]

Hi everyone. My wife and brother-in-law inherited their mother's house via a land trust and it was great in that it avoided probate. However, we are now looking into renting the property (single family home). My brother does not have any interest in the property any longer so we will be buying out his interest (we're working on the details with him). After speaking with a real estate attorney, they had recommended transferring ownership of the property from the land trust into an LLC and dissolving the land trust. I have already created a single member LLC in my name (husband) and the attorney said that it would be fine to proceed this way and that it would allow me to self-manage and maintain liability protection. I wanted to get the opinion of those on BP regarding thoughts on this strategy, if it makes sense and if there are any tax implications. Thanks in advance