Quote from @Daniel Baker: Hello everyone, Looking to get a little insight into what things I should take into account when selling a property.

In the event that he moves out in a few years, I would turn the unit into a rental.Questions:1) Since I will be renting to a family member, do I still need to create an LLC?   

After getting the funds letter, which clearly states no appraisal was needed for this property, at the day of the closing, they came back and said no funds will be released until we get an appraisal.

Could be an individual Member of the LLC.

@Lauren Ruppert Yes, an LLC can sell a property to your child’s LLC, ideally at fair market value (FMV) to avoid gift tax complications.

Not saying anyone else should do as I did.

This is also in an CRa and could be organized as an OZ fund.

Quote from @Gregory Wilson: Natalie, I don't usually want to debate what are usually opinions, but this needs some correction.First, as stated above, tax audit issues are about 7th on the list of reasons to have every rental property in an LLC.

For structuring your business, consider whether you actually need an LLC or if umbrella insurance might be a simpler alternative.

I wanted to "sell" the rental house to a new LLC of mine in an effort to create an expense for the rental, and drastically reduce my tax owed.