Becoming an LLC for rental properties

[Ernest Tyler]

My father is looking to retire and wants me to take over his rental properties. I have been doing research on taking over the properties and I've found out a couple of things, but I still need help on some things. I found out that an LLC is the best way to go, especially since all the properties are in my fathers name and he wants to keep it that way. I have already contacted a lawyer about becoming an LLC and he would like to see our business plan. I have never created a business plan. I looked at the templates in word and I downloaded a program to help, but the questions that the ask are requiring a lot of detail to answer. So I guess my questions are:
1. Is it necessary to do a market analysis if the company is already up and running?
2. If so, does anyone have an example copy of a market analysis for rental properties?
3. How detailed does the entire business plan have to be?

Is there anything else that you can tell me that I should know?

[Prashant P.]

A business plan is not required to start an LLC. Actually if you looked around your states website you find an online portal to register your new business.

It sounds like the attorney is trying to make the most money he can off of you.

I would advise creating a business plan if you plan on growing your business or if you are going to look for commerical funding.

If you search Biggerpockets you will find some examples.

I would contact a few other attorneys and see what they say