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Updated almost 8 years ago,
Transferring RE in the LA area
Hey all, first let me tell you a bit about my self. I have never owned real estate but I did grow up in a multifamily property which allowed my mom to provide for me and my siblings. I would like to venture into the Real Estate world and my husband and I are interested on buying our first property this year.
Well here is my question. About then years ago my mom passed away and left this property to one of my siblings. Now while she has kept up with the payments and lived off of it herself. She hasn't been able to make it profitable and is currently in hard loans bc of her money. She approached me and asked me to join her in the title so that my good credit will help her refinance. I am not sure if this possible, but I really don't feel comfortable going into business with her. She says that if I want to take over the property she would be ok with that, but I don't know how to go about the either. This is were this forum comes into play. I was wondering if someone could advice me on whom I can talk to and what would be the best way to transfer the property, without making her pay too much taxes. So this property is a 5 unit apartment property in the LA area. If anyone knows who I can talk to please advice.