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Updated almost 4 years ago,
Owning Realestate as Nonprofit - Advice Needed
I am a landlord with a few rental properties and recently acquired a church with an attached house (rectory) which is on the national register. I have rented the rectory out to help pay the significant expenses of remodelling/utilities/etc. I had planned to put the building into a non-profit because we intend to use it for retreats and community space and would like to avoid the realestate taxes as well as accept donations and grants for the restoration of the church. However, I am afraid of putting the church into a nonprofit for fear of loosing the building if the nonprofit dissolves. I am not concerned with the ability to sell the building - we intend to keep it forever or give it back to the episcopal church eventually. I am thinking perhaps what we want is a family foundation? Any idea on best way to do this are welcome. We have contacted a couple accountants but this seems to be a specialization most don't have.