All Forum Posts by: Steven J. Umaña

You can obtain a Phase 1 Environmental Site Assessment which will let you know if there are any Recognized Environmental Conditions. The Phase 1 vendor may suggest a Phase 2 and soil samples to make sure the ground isn't contaminated from the oil tank. I can provide you with a vendor if you'd like. Feel free to message me. 

Columbus has some good numbers from what I've read!

Opportunity Zone Funds are a great way to mitigate and even eliminate capital gains tax liabilities. 

I don't typically see series LLCs used in traditional real estate portfolios; more in special circumstances and in corporate transactions. Most folks still stick with the "parent / sub" LLC structure with the parent LLC being the "JV" entity and the sub LLCs being wholly owed by the parent LLC so that they are disregarded entities for tax purposes.

I always structure my client's portfolios so that they are holding each property in a different LLC in order to mitigate the risk of damages from one property affecting another. Some clients that have hundreds of properties can cluster 2-3 in an LLC, but in my opinion best practices is a new LLC for each property. In Ohio, the LLC filing fee is $99 with no additional charges from the Secretary of State so it is not cost prohibitive to do this.

What state was the underlying LLC formed in?

Great info! Only up from here!

I would always recommend holding each asset and company in a separate LLC (or other entity depending on tax ramifications) to mitigate risks stemming from one asset to another.

@Mike Mocek I believe it was @Cal Ewing looking for the attorney. 

Sounds good @Troy Bullock