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Updated over 1 year ago,
Transfer home from deceased Mother to LLC
Hello! My mother-in-law passed away 8 years ago and left us (wife and her brother) a house at the beach. She did not leave a will and my brother-in-law was named executor of her estate. He has left the property in her name and paid the mortgage since she passed. We are now all in the process of restoring/rehabbing the property with goal of renting as Airbnb. We’d like to
1) Move title to our joint LLC (Currently in deceased mother-in-laws name)
2) Refinance the house to recoup repair cost
Is this the order we should proceed? Are there any legal issues we need to handle to make this move to our new family LLC? How can we line up financing (30 LTV) to pay-off small mortgage that currently exist. Looking for help on how to pull off this move legally and with lowest cost and complications?