Parents Deeding Family Cabin to 3 Son's WI Lake Cabin

[Thomas Paine]

Hello All,

Thank you in advance for sharing your thoughts and expertise on the matter.

We have a family Cabin we currently rent out on VRBO in Northern WI. 

My Parents are deeding the Cabin to the three sons. 

Each Son is in a different place in their life and has different views on what to ultimately do with the cabin.

Options include:

• Start an LLC (Out of State) Like Maryland or Florida with no income tax
  
  • This would enable purchase of more vacation rentals in the area to be managed similarly
• Build additional properties on the land and expand + Rent out.
• Make the cabin available year round during Northern Wi which would require maintenance and updating.(Should Happen Anyways.)
• Create LLC with three sons in it and start a separate management company to handle all the cleaning, renting, promoting, maintenance of the property.

*** Open to other Ideas, 

Large Piece of Property with great potential nice 4 bedrooms 2 bath Cabin worth about 350K on a spring fed sand bottom (no weeds) Lake 

Thanks,

Thomas