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.
Creative Real Estate Financing
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

User Stats

1
Posts
0
Votes
Wayne Duncan
  • Reading, PA
0
Votes |
1
Posts

Seller Financed LLC Question

Wayne Duncan
  • Reading, PA
Posted

Hoping someone could tell me if this makes sense. 

I'm looking to buy a rental property in an LLC with funds a parent has offered to pay in the form of seller financing. I figured I could set up a PA LLC and either have the money directly transferred for payment during settlement or gifted to me to make payment. In the operating agreement it would stipulate the structure of the loan repayment and make the monthly payments. I don't know if whether this should be a single member LLC or have us both be on the LLC and if so, if that could open the parent to piercing the corporate veil with the payments.

Also anyone know how long an LLC takes to set up and if an EIN number/operating agreement is needed to transfer the property into? An opportunity came up quick and now I'm worried how long the process could take to set up.

User Stats

159
Posts
122
Votes
Sebastian Bennett
  • Investor
  • Bucks County
122
Votes |
159
Posts
Sebastian Bennett
  • Investor
  • Bucks County
Replied

@Wayne Duncan  Having trouble following you here. It seems you are confusing a few concepts. You really need to hire an attorney if you are thinking about taking a gift from your parents. I wouldn't trust the advice I would get on these forums for your situation. I am not saying there aren't people qualified to answer your questions but they aren't going to be able to give you the full roadmap for free here.