Husband and I are considering buying his parents' home and I have some questions about this and would love any feedback on how to minimize hassle and our costs. We're doing this for two main reasons: 1) Prevent his da...

This would allow you to keep the property in your portfolio and generate ongoing income.From a tax perspective, holding onto the property as a rental would let you take advantage of depreciation, which could reduce your taxable income.

Changing the name allows you to retain all the current accounts and credit history while ensuring the LLC reflects your new purpose.If you're concerned about privacy, consider changing the name while also updating any public records to reduce the chance of someone tracing the LLC back to its original purpose.

It's like posting dynamic collateral that doesn't actually reduce the loan balance, not exactly a great deal.When the fed raises rates, they are directly targeting actors like this.

Instead, you’ll use Form 8949 and Schedule D to report the sale, but the gain should be reduced by the Section 121 exclusion.

. ;-) Asking tough questions reduces their revenue.

Whenever you subtract inventory and reduce the housing stock you get the adverse effects you'd expect.  

With the Self Directed accounts your leverage IS more limited, but ALSO your risk is reduced due to that lower leverage and non-recourse type of loans.

He missed the target by nearly a month and we ended up paying holding costs, HOA, Utilities etc for an extra 6 months until finally selling in the spring for a reduced price.

Imagine making millions of dollars throughout your career and then having to pay Uncle Sam 30-50% every year instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of the best ways to end up with a much larger net worth at the end of your career.