Looking forward to it

Super exciting to see what you have been working on and wanting to accomplish for years come to fruition.

I would learn a little bit more about contract law in your state.

Please get some help with this. 

Hopefully someone with tax accounting knowledge can jump in here with more detailed analysis, but I looked at this a bit several years ago...1) You still have to pay the depreciation recapture on the sale decreasing the net benefit of this approach due to the large tax payment in the 'sale' year2) The LLC would need to not be a passthrough entity so that it can be taxed separately from you, so you have to add another tax return cost for the years going ahead3) Taxing it separately from you likely means corporate status and corp. taxation rates which are higher than yours and I've heard many times over the years to avoid titling real property as a corp...Overall from what I've seen this only makes sense in a select few scenarios, which for most people aren't in play. 

This can be a huge range.

I am in one of the higher tax brackets and could be saving around 40k~ a year on taxes with this.

Please - do this today: Send her a Notice To Quit for Non-Payment of Rent; you will need to send this to her via USPS with proof of delivery required so you can use it in any legal proceeding.

Is Now a Good Time to Buy? Yes, with Renovation Loans for First-Time Investor Buyers
 
Hey BP Community,
 
For first-time investor buyers wondering if now is the right time to jump in—the answer is yes, especially...

I've got about $525K in equity in the property, but lenders have told me that I cannot get a HELOC to access that equity for additional purchases because the duplex was financed as an investment - they have said TX law dictates that HELOC can only be used on primary residences.