All Forum Posts by: Bob S.

Looking for CPA who specializes in real estate that is less than $5000 per year. Please let me know if any recommendations!

We have a property held under an LLC partnership that manages and pays all mortgages/expenses, etc. The original mortgage loan is just with one of the partners. I understand the partners not listed on the original mortgage are limited on the losses they can take due to basis. If they contribute money each year to the partnership can they create basis? Any other solutions besides being added to the mortgage?

Does anyone have sample contracts or recommendations for what to include in a group vacation rental operating agreement? The home would be used part of the time by each owner and rented out on Airbnb the rest of the time. Any other tips on this would be greatly appreciated as it is our first endeavor into this space. Thanks!

.

Two questions:

1. Has anyone ever heard of a bank calling a loan due to transfer to an LLC? Are many people doing this without getting official approval from the bank first? Seems like many say no and some say yes if formally ask them?

2. Is there a waiting period after closing to transfer a property to an LLC? I've heard some people mention 30 or 90 days. Thanks!