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Updated almost 10 years ago on . Most recent reply presented by

Lewis C.'s profile image
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Lewis C.
  • from Memphis, Tennessee
  • Member since Oct 23, 2013
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Lewis C.'s profile image
Lewis C.'s profile image
Lewis C.
  • from Memphis, Tennessee
  • Member since Oct 23, 2013
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Lewis C.
  • Memphis, TN
1
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16
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Tax, SDIRAs & Cost Segregation

3 rental properties - Time to form LLC? OK to use Legal Zoom?

Lewis C.
  • Memphis, TN
Posted

Hi Folks,

My business partner and I now have 3 rental properties in both of our names. We have read on numerous occasions that the best thing to do is form an LLC together and transfer the properties into it to mitigate risk and also take advantages of tax benefits. I am looking for advice as to whether this is the best course of action? and if so, would you recommend using a cheap online legal marketplace such as LegalZoom to do so? I have also heard putting each property into its own LLC is an good option.

Any feedback is very much appreciated!

A little background info:

We are 50/50 partners. We each own a primary residence.

Thanks!

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Account Closed
  • from Dallas, Texas
  • Member since Aug 29, 2013
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Account Closed
  • from Dallas, Texas
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Account Closed
  • Dallas, TX
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Account Closed
  • Dallas, TX
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Get a good insurance policy and forget all the other hype.

Joe Gore

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