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Updated over 4 years ago,

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9
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0
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Milin Parekh
0
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9
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California: How to convert rentals from Personal name to LLC

Milin Parekh
Posted

I have 2 rentals in California: one Single family and one triplex both in California. both properties are under my personal name. I am trying to learn different asset protection strategies using LLC. and Land trust. Any suggestions.

I have following questions:

  1. 1) California: How to convert rentals from Personal name to LLC or Land Trust ?
       1.a) Deed: Should I use Quit Claim Deed or Warranty Claim Deed to convert rentals from personal name to LLC or Land trust?
  2.    1.b) Do Deed has to be notarized? 
  3.    1.c) Do Deed has to be registered with County as well?
  4.    1.d) Bank Account:I guess I will have to open separate bank accounts for each rentals whether its LLC or Land Trust?
  5.    1.e) LENDER: How to take care of Lender? Do I have to Inform Lender? Please guide me Process?
  6.    1.f) INSURANCE: Do I have to change Insurance? The moment I change Insurance , Lender will come to know automatically.
  7.    1.g) LEASE: DO I have to change rental agreement using addendum or change entire rental agreement? 
  8.    1.h) LLC Vs Land Trust: Should I open LLC or Land Trust for each rental?
  9. 1.i) Do you use any websites to download Deed or create LLC or Land Trust? Any Suggestions?
  10.            1.i.a) www.uslegal.com
  11.            1.i.b) www.rocketlawyer.com 
  12.            1.i.c) www.landlordology.com
  13. 2) Asset Protection Strategy for rentals: 
  14. 2.a) Do you think creating 2 different LLC's for each property and then cover as part of Wyoming Land trust.
  15.          Or 
  16.    2.b) Create Land trust for each rental and open another Main Land trust in Wyoming and house 2 rental land trusts within it.?
  17. 2.c) What are the best name strategies for Anonymity while creating Land trust or LLC? 
  • Thanks,
  • Milin

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