After that, I would like to rent it out.With that said, should I buy it under my name and then transfer it to the LLC when the time comes to rent it out, or should I buy it with the LLC immediately?

The Seller's bank needs to be notified of the title transfer, right?

However, the IRS defines Passive income—or unearned income as the Internal Revenue Service (IRS) calls it—is income that requires minimal effort to obtain.

Before death, property was transferred into an Irrevocable Trust, of which I became Trustee upon death.

You would transfer it to your bank, just keep those records.

Quote from @Varun Hegde: According to public records, the property was boarded up in '21 before sale in '23 for $160k.After the transfer, looks like somebody from the city came by and noticed the property was falling apart.

And the credit.... well it went off our personal credit( again the idea of spending another $3000 for this was so they would transfer our new found personal debt into business debt so our credit scores we worked so hard for would go back up.

We bought the new property in our individual names and then immediately transferred our individual 50% interest to two LLCs in our names.

At Milo, we work specifically with international clientele and often use their foreign income to qualify.

The property is titled in an LLC and the relative was a member of the LLC at the time of the transfer.