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Updated over 7 years ago,
Structure for Purchasing 1st Investment Property
Planning to purchase my 1st Investment property in the USA and like to understand the structure, Can you please provide your valuable comments and feedback.
Summary of My Understanding from overall comments from reading different topics (New property Purchase):
- Deed the property to your land trust. (On state records Property is shown as ABC Trust)
- Create an LLC
- Make yourself as Trustee of Land Trust
- Wife and husband to be beneficiary of Land Trust
- Transfer Beneficial interest to your LLC
- LLC Benefificarys are both yourself and your Wife
- Have an Operations agreement which talks about charging order (Covering outside protection)
- Finally Adding a good umbrella policy give you the extra piece of mind
Forms for Trust, I think we can get most of the forms from uslegalforms.com (Example: http://www.uslegalforms.com/ca/CA-015-77.htm)
Can some one please confirm below is the list of documents we need to have to create Land Trust / Grantor Trust
- Trustee's Deed - Can we use this -->>: https://www.biggerpockets.com/files/user/ventekrea...
- Agreement and Declaration of Trust
- Assignment of Beneficial Interest
Can we sign Land Trust documents with any Notary public in any country or need to be in the same state and Country?
We live in Australia and want to confirm if we can use local Notary public?
Please correct me if I am wrong, and any other missing steps in the process - with real-life examples.
I am still learning and need to setup above structure for my 1st investment.