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Updated almost 5 years ago on . Most recent reply

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General Landlording & Rental Properties

LLC for property in Maryland

Davon Johnson
Posted

Hi I'll soon be buying my first multi unit property. I'll be living in one unit and renting out the other two. How do you go about taking a property that you own and transferring that property to a LLC?

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Russell Brazil
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ModeratorReplied

You draw up a purchase and sale agreement between you and the LLC and sell the property to the LLC. You apply for a commercial loan, and get a commercial insurance policy.

however you would lose all the benefits afforded to owner occupants like the capital gains exclusion in doing so. Also many commercial loans per their terms will not allow you to live in the property.

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