Rental property as an investment vehicle for my child (minor)

[Kevin Kittilsen]

I currently save money via a savings account as well as a custodial brokerage account. I have however, wanted to purchase a rental property for my daughter (7 years old). The idea being that over time the loan would be paid down and thee value of the property appreciated over time while she grows up. I am unsure how to structure this, my considerations have been to put the property in an LLC that I managed but she is 100% member of. I would be using existing savings funds of approx. $40k that I have saved for her over the past 7 years in her savings account, so I don't believe gift tax would come in to play. However, I am unsure exactly how to set up the entity and also financing for a deal such *** this, being that traditional financing may be tough with the property in an LLC.. and with her ownership I don't think I could close in my name and then transfer the property to an LLC down the road. Thanks for any advice!

[Linda Weygant]

This isn't a topic you want to crowd source opinions on.  This would be well worth money spent with both a qualified attorney and a qualified CPA to make sure you get this right.