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Updated about 5 years ago,
Quitclaim Deed to LLC with a Loan
Wondering how worried I need to be about quitclaim deeding my short term Florida vacation rental investment property into an LLC.
Background, I have a parent multi-member LLC in Wyoming that is not registered under me so my name and my partner's name are hidden but is resolved to me. My father is my partner and we are 50/50 members with me as the manager. My LLC I have set up for the new short term vacation rental property in Florida is set up as a single-member LLC that is hidden as well and resolved ownership to the parent LLC. I have a loan on the newly acquired property.
1. How likely is the bank going to call my loan due? I'm not afraid to do this at this point but if I get more and more loans with the potential I may be worried but if I can get away with it will want to.
2. Do I lose Title Insurance and do I care?
3. Should I consider a warranty deed when essentially deeding to myself?
4. Any tax issues since I am going straight from purchasing to quitclaim deed with no appreciation? Any issues with my dad being a 50/50 owner so possible gift tax implications?
5. Anything else I should take into consideration?