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Updated almost 5 years ago,
Transferring Single Family Residence into an LLC
Hello all, looking for some guidance, and hoping the members of this forum can help. A couple of months ago, my wife and I purchased a larger house after having our 2nd child. We decided to keep the current house and use it as a rental. My wife's family has used a property manager in the past, so we used her as well and she did a great job of listing the house, finding a tenant, getting us a 2 year lease signed with a security deposit and 6 months rent up front! SCORE!
So our tenant has been in the house 2 months, everything is going well, but with us moving into our new home, and then the holidays, the one thing that has slipped is moving the title of that house from me and my wife's name into an LLC that we set up. We already set up bank accounts in the name of the LLC, but not sure about what steps are involved in transferring the property into the LLC. I'm not even sure where to start, and our property manager was resistant to giving us "advice" due to potential liability is what it sounded like, and that's okay I suppose.
Can anyone help us out? Even to share a link with instructions? We are in Michigan.
Thank you in advance.