Detroit, MI · Member since 2020 · 1 post · 0 votes
Hello, I'm seriously considering buying a unit in a high rise that I will occupy and eventually want to turn into a rental property. The only problem is the high rise community has a " waiting list" for putting your unit up for long term rentals. The list takes 2-3 years to make it to the top, however once you do, it's either lease your unit or go back to the bottom. To circumnavigate this, I was wondering if it would possible to transfer the dead to my LLC and then rent the property to myself if I wasn't ready to completely move out of the unit. That way I would have the flexibility to leave when I want and rent it to an actual tenant. Please, all information would be helpful as I am a 24 year old first time buyer. Thanks in advance!
@Matt Shags I talked to an accountant that deals with a lot of real estate and he mentioned doing something like that. I can't remember if he put the property into a corporation or an LLC and then rented. So I'm confident that it is possible, but I would find an accountant that knows real estate just to make sure, and they would have a solid answer. Best of luck!