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Seller Financed LLC Question
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.
@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.