Transfer ownership in LLC that owns my rental property?

[Troy Otte]

Hello BP community! I have a rental property that is owned through my partnership LLC (my wife and I each own 50% of the LLC). I have interest in selling the property if I find someone that want to purchase a rental property with a solid tenant and good cashflow. Is it possible to sell the ownership in the LLC, instead of selling the property itself?

The rental property owned by the LLC is a good performer...market value of about $300K and generates NOI of $20K annually. In a great neighborhood, with a solid, long-term tenant who has expressed interest in staying for a long time.

This would avoid all the normal transactions costs of selling a property. Instead, I could sell 100% of the ownership in the LLC and simply have the purchaser takeover control of the LLC.

Thanks in advance for any feedback!