Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago,

User Stats

2
Posts
1
Votes
Ryan T.
1
Votes |
2
Posts

Quitclaim Deed to LLC with a Loan

Ryan T.
Posted

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?

Loading replies...