Putting a rental property into a trust

[Kara Johnson]

My husband and I recently purchased a cabin in Blue Ridge, GA and are renting it out as a short term rental. We are finding the process of managing it to be really stressful, even with a property management company, and are looking into alternatives. We've considered selling, but because we haven't owned it that long, we don't have much equity and will likely lose money. And with the higher interest rates, selling has slowed down in the area. I also reached out to a real estate investment company that pays cash for houses. The man I spoke to said that as an alternative to selling, an option could be to put the property into the trust and make their company a trustee, so they would take over the mortgage payments and responsibilities of managing the property, but we would still own it. I'm reaching out and talking to some real estate attorneys to discuss this and better understand the implications of it, but if anyone in this group has done this or has insight into this situation, I would really appreciate your help.

[Michael Radney]

I was going to say the same thing as John in that I'd consider a limited POA written to give precisely enough authority to accomplish what you need. Cheaper and simpler than a trust. I also wouldn't let anyone else be responsible for servicing my debt...too risky.