General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago,
Transferring Condo to a trust
Hello BP community,
I live in MA, and I am purchasing a second property in a same condominium. The one that I currently own is rented out, and I'm looking to rent out the second condo when it is bought. However, I got a notice from the condo management saying that they only allow one unit to be rented out. Which is a deal breaker for me, because it was going to be an investment property. I am already very close to closing this deal, and I just got this notice a couple of days ago.
My question is, if I buy the second property and put it into a trust, does this rule apply to me? I can own the first property that I own, but if the second property is owned by a trust, can both units be rented out given that they are owned by two different parties?
Thank you in advance, and please reach out to me if you have a solution to this. Looking for a legal expert.
John