Should I put my house in an LLC or Trust?

[David Walker]

Hi everyone,

My house is in the probate process of being transferred to me and a family member. The family member is younger than me so, therefore the financial stuff will fall on me. Trying to look at options to fix up the house that has the least amount of risk. There are a lot of repairs that need to be done. I don't really want to sell because its a family home, there's a lot of sentimental value, and its located in a neighborhood going through a lot of gentrification in the Philadelphia. 

I want to find out if putting the house in an LLC or trust will minimize my risk as well as property taxes. Again, I'm not selling because we will rent it out soon.

I'm hoping the cost of borrowing against the house to fix it up won't become greater than its worth. Please help. Need great advice.