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Updated over 4 years ago on . Most recent reply

User Stats

14
Posts
3
Votes
KATHY H.
  • Investor
  • Metro Detroit
3
Votes |
14
Posts

Purchasing rental properties with family member.

KATHY H.
  • Investor
  • Metro Detroit
Posted

Example: a rental cost about $100k, my mom and I each contribute 50k to this deal. If we want to purchase it under my name solely, how do we get her portion of the fund transfer under my name? Can she simply wire transfer 50k to my bank account? Alternatively, do we need to set up an LLC and purchase the rental through the LLC? We don't need the LLC for asset protection but was wondering what will be the right way to do. Many thanks in advance!

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