Legal & Legislation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
Transferring Condo in WA to an LLC
In May of 2020 I bought a condo in Seattle as my primary residence. Then in August of 2022 I moved to Florida, and rented out my condo to tenants, but the condo remained under my name. As I've learned more about real estate this makes me really uncomfortable since I'm bearing all the liability if my tenants decide to sue me for any reason.
What's the process to transfer an owned property to an LLC, if you no longer live in that state? I've searched in Google but it's a bit of an edge-case and I haven't found an ultimate answer. Based on what I'm imagining I'll have to:
- -Open an LLC ASAP
- -Would the process go quicker if the LLC is established in WA? Or if I want to open one in FL could I leverage it the same way?
- -Submit the paperwork (do I need a lawyer? Will this be a costly operation?)
Any information is greatly appreciated. Thanks!