How should my LLC acquire existing properties NOT owned by me

[Tisha J.]

My fiancé has a few properties that he owns outright (no mortgage/liens... etc) and we want the properties to be owned by my newly formed LLC (single-member with me as 100% owner). What is the best way to accomplish this and still have the ability to benefit in terms of depreciation and expenses)?The properties need a few repairs and updates and we want to be able to write these expenses off. After the properties are "Rehabbed"... One of the properties will be fixed and flipped and the other two will be rental properties. Should he do some sort of Quit Claim or Warranty Deed or should he "Sell" the properties to the business and go through a closing or something entirely different? Thanks in advance!!

[Natalie Kolodij]

Oh- well rentals are passive income so they won't off set your w-2 wages unless you're a real estate professional per IRS standards. 

Passive losses can only be used to offset other passive income. 

This won't offer you any real tax benefit as far as I can see- But I would recommend you guys sit down with a CPA and see what type of strategy would work best :)