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Updated almost 18 years ago,
I am closing on 3 properties next month. Need advice how to
I am closing on 3 properties next month. 2 will be on my name and 3th one I bought with a partner 50/50 using FHA loan. Here is my challenge what it will be the best way to me to have a legal protection and hide my name. I was considering put each property in a separate LLC, but then I don't to have any problems with the due on sale clause. Furthermore I have to keep the properties for while on my name before transfer those to the LLC and then it still my trigger the due on sale clause. I am really worried for the FHA loan. Somebody mention that using land trust is the solution for my problem.
Could you please advise me what I can do in my situation? I am interested in the tax aspect as well, because I want to offset loses against my w2 income.
Can I record the deeds directly to land trust at closing?
Who will hold the title the trustee or the benefiter?
Who should be the trustee?
Your help will be highly appreciated.
Chavdar