.- Ask attorney how you can enforce collecting on the lien when you need to.3) Getting full control of the property, while allowing your aunt to keep her ownership.- Have attorney draw up a contract to do this.Suggest you offer your dad some cash, now or in the near future, to motivate him to transfer his ownership to you.It may not work out, but you will learn a lot either way!

Hi Ella, welcome aboard,Your post about your real estate ambitions, encompassing the purchase, renovation, and sale of properties, as well as the ownership of Airbnb rentals, is indeed an exciting endeavor.

This would allow us to come to the table with less funds out of pocket on the front end when starting construction.Is the best way to complete the transfer of ownership through a traditional sale registered with the county? 

But for homeowners its fantastic way to start in home ownership one of the best I have ever seen !! 

How will the ownership of the property be?

@Kyle Kulhanek To retitle your Chicago condo into an LLC for liability protection, start by forming the LLC with a clear operating agreement outlining ownership and responsibilities.

This means the IRS will treat the LLC as if you and your wife still own the property directly, maintaining the continuity of ownership for tax purposes.

Through this trust, a Mexican bank holds the title to the property on your behalf, while you retain all ownership rights.

Contact a real estate attorney in the county the property is in and have them do a property ownership search and lis pendens (lawsuit) check.

Whereas if you and the other investors held ownership as TICs (Tenants in common) then you could sell your portion and do a 1031 of your portion while others did something else.