Creative ways to transfer ownership

[Christopher G.]

Hello all, i have been managing and updating using personal finances a 13 unit in Ca since purchase 5 years ago. I have an opportunity to take over the existing liens and transfer ownership with the seller financing for the remains equity.

In order to keep closing costs minimal and not be reassessed in taxes, the idea is for current owner to transfer title into an LLC, Ill be added as 50% owner and they will then leave the LLC, in turn transferring ownership without triggering any events.

Does this make sense or any suggestions?

[Brad Jacobson]

Commercial properties have more leeway than assuming a mortgage on a residential property but you still need to hire a real estate attorney and good title company to make sure it's one properly. Also keep a very good real estate friendly CPA, in the loop on everything as well.

Good luck!