Updated about 6 years ago on . Most recent reply
I was told by HUD I need to form a holding company...best way to?
I am under contract on a complex that has a 20 year HAP in place for low income independent seniors. My half of the capital for the purchase is coming from a 1031 exchange. Since I am partnering on this new complex deal, we needed to form 2 LLC's with tenants in common to satisfy the 1031 requirements.
HUD indicated that the HAP would need to be assigned to a single entity, so we'd have to form a holding LLC for the 2. We were planning on forming a holding LLC anyway, since we own 2 multi family properties in separate LLC's on the east coast.
What's the best way to go about forming this holding company? I was told Wyoming was the best place to do this for anonymity and tax benefits. Does anyone have a recommendation for a company that forms holding LLC's in WY and acts as a registered agent? What are the fees associated with this? Thanks