All Forum Posts by: Michael C.

Jason,

Thank you for your response. This is real world. The houses are identical and built over several years. The properties are owned by close family members, both active. They would most likely be refinanced into one loan after LLC combination. Sale of all units combined is the eventually exit strategy. I'm trying to make it a nice package to manage and eventually sell.

Has anyone done something like this? I know you can contribute property to an LLC without a taxable event, but can you contribute property to an LLC that's already in another LLC?

Is it possible to combine 2 LLCs? Lets say I have 100 identical single family homes in one neighborhood owned in two LLCs. 20 are 100% owned by one owner. The other 80 are 50/50 between the original owner and another owner. Can owner 1 contribute his 20 homes to the bigger LLC for 60% ownership in the combined entity without recording a sale/paying tax? The goal is to simplify financing and operations.

Im under contract with an LLC on a rental property in North Carolina. The seller owns a property in an LLC but has a loan in their personal name. In the past the quitclaimed it to the LLC right after financing. Now I'm under contract with the LLC and the want to quitclaim it back to themselves before closing with me.

This is an active rental property and the lease lists the personal name not the LLC.

I believe they have good intentions, but I want to make sure to protect myself. I'm thinking about asking for all contracts, amendments and disclosures be redone in their personal name and asking for a lien waiver from the LLC. What else am I missing in this situation to protect myself? Should I just force them to sell from the LLC?

I won a 15 year old house at a courthouse auction in NC.  Closing will be in the next few days.  These properties are sold as is and the substitute trustee will not allow any inspection.  

I can see that the home has gas heat and the electric meter is still in place.  The furnace/AC is a 2 year old Trane unit.  I believe the home has only been vacant for a few months.  

Since this is my first flip, I was considering having the utilities switched to my name after closing and having a home inspection before I turn anything on. My goal would be to have the inspector ID any issues with plumbing/electric while also providing a helpful list of other items that need to be fixed in the home.  Does this sound reasonable? is there a better way to go about it?