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Updated almost 6 years ago,
Individual owned property into an LLC?
Hello everyone, rei newbie in Ohio with a question regarding how to own my properties. I am in the process of acquiring a four plex on a land contract and a duplex which my family and I are house hacking. We are going to rent out our current home as well. I have an LLC set up and I'm planning to purchase my land contract four plex under it. However, I will also be collecting rent on my current home and half of the duplex duplex which I own and am purchasing via residential loans in my name. Is there a way to avoid a due on sale clause for my current property and duplex but still operate them as rentals and be taxed as a business? Since it's a single owner LLC can I quick deed my bank financed properties to my LLC? I'm looking for the greatest tax benefit. Thank you in advance for any advice! Also, if you know a good tax attorney in the Cleveland area let me know...I'm thinking I'll need one!