All Forum Posts by: Mark Huneycutt

Title doesn't change on a Lease Option or Land Contract/Contract for Deed until the "buyer" pays off your agreement in full, so there are no problems for you in using one of those. You may even benefit by spreading out your capital gains.

Grossing $88,000 doesn't tell us anything. How much do you put in your pocket AFTER all expenses and taxes? That is what is "of value".

Or, If you want to be cashed out, make the Option payment the difference between the amount you owe and your selling price. If you owe $100,000 and you are selling it for $120,000 the Option fee is $20,000. The Optionee's monthly payment is whatever your underlying payment is plus property taxes and insurance. It's a Win, Win, Win.

Yeah @Mark Huneycutt, for the most part I think the trust would be the easiest way to keep this rolling but even then it might not work at all.

Is the city actively trying to get rid of STRs in your are altogether? If so, then they will really scrutinize any transaction or transfer that could void the STR permit.

The someone you spoke to is an idiot.   You don't quitclaim anywhere in the seller financing process. Once you do, you lose all right, title and interest in everything, including your permit. Wholly sh*t thatis horrible advice.

Just lease option it.  Your tenant buyer / optionee can lease it out as an str or sublease it or whatever.  No ownership change and very minimal headaches for you.

Unless you need the money or need to sell now.  We don't know why you want to sell it.  

 Seems so far from where tourist would want to stay.  Is that why the city is changing the zoning?

In my opinion, you are trying to skirt the law. The grandfather permit is for you and the City expects it to go away with the transfer of ownership.

I recommend you follow the law (or intent of the law). It's not a legal short-term rental upon transfer, so your marketing should reflect that.

 Share the address

You don't need have an Airbnb. You have a STR on Airbnb.

Maybe put it in a trust that had a similar name. Check and make sure that won't upset the STR permit people.

You can be the beneficiary of the trust. When you sell you just change the Beneficiary and this is not recorded or public record.

Only the trustee is in the public record. 

 Do you own the property free and clear? If so (and my experience is in FL so may vary) you would still want to close with a title company and they (or an attorney) can prepare the deed and you would have a promissory note and a first position lien on the property.

Sounds like you're keeping it. I live in Nashville half time and don't have any STR here for this reason.