All Forum Posts by: Dj J.

Looking for trustworthy contractor and property manager in Miamisburg OH , greater Dayton area. Property is ready to get rehab work started on ASAP

@DavidM. thanks for the reply. Glad to hear it is the same tax situation whether I am owning the property in my name or owning it in my proposed single member LLC.

Very good nuggets of thought you bring up on your last comment, which is exactly what I am trying to figure out. I've heard from other people on BP about transferring properties to their LLC after they purchased in their personal name but have yet to find the nitty-gritty details of how this works, and how this all is documented and operated in the LLC moving forward

I list both CPA or Attorney because I am not sure which would be a better for this subject. Frankly talking to both is probably my best option.

Asking for a friend*

Say someone is about to close on their first investment property, and it's being financed in their name. Residential property. Right around closing they create a land trust and transfers title to the land trust, while also creating a new Ohio LLC and setting the LLC as the beneficiary ( having due diligence to set the trustor as an anonymous figure) . Would this person now be good to legally operate and claim rental income as income for this LLC from property in the trust, and can they also claim all of the expenses for operating (mainly curious on repairs) as expenses the LLC can also claim ?

This property being purchased is very old (130+ years) , and its understood that this thing will need a lot of repairs in its first year of new ownership to maintin this thing..The biggest question is after setting up the above scenario with a Land trust and LLC is

A: thinking it would be more tax advantageous to claim all of these repair expenses to the LLC rather then in their own name (correct me if I'm wrong on that)

B:want to learn the ropes of owning and operating an LLC, seperating all bank accounts, for future growth of not only aquiring more rental real estate but also possibly transitioning to full time running the LLC as well as starting others (a transition away from my 9-5 as a way to have a more flexible schedule for my children and family) .

Is this a possibility or is the entire idea of operating an LLC which is create off an asset owned in and trust not possible? Once again, would be Ohio LLC- owned only by the investor and their spouse

Thanks ahead of time if anyone is able to answer this long drawn out question! Hope everyone is having a great memorial day weekend