All Forum Posts by: Josiah Mouw

What are the options for dividing the proceeds on the sale of a home where 2 owners are “joint tenants” on title (not tenants in common), and it was the primary residence for only one of them? Scenario is this: son bought a home for his mother, he’s on the note alone but both are on title as joint tenants. Home is now being sold. Just trying to understand tax implications. Thanks!

Thanks much for the great info. Insurance is one of the things we were on top of and we're both on the policy. We used an agent who's already been primed and confirmed that he'll have to reissue the policy when the property is transferred to the LLC.

Thanks much for the intel. We're definitely paying expenses down the middle. QBO is in the cards yes! Novice question but when we transfer the property to the LLC do all the expenses we put into the property "transfer" too? Or just augment the value of the property? We don't have a joint account yet for the LLC so I'm just wondering what the process would be— if any— to shift all the costs especially rehab costs to the LLC.

My business partner and I currently hold an investment property in our names via an unsecured note. Our initial financing attempt through the broker channel collapsed a week before closing, so we pivoted to a local bank. We'll be transferring title to our recently-formed LLC, and then financing with the same local bank for a number of reasons (not because we think an LLC offers impenetrable liability protection). For our LLC operating agreement, which we need to submit to our bank, what would an investor list for "initial contribution" in our case? Can any of the expenses we've incurred to acquire the property— and rehab the property— be considered initial contributions even though initial financing was not via our LLC? Any advantages or disadvantages?