You could accomplish the same thing keeping the property in a partnership with your kids.

My actual rentals will sit in a separate LLC that will elect as a partnership.

general partnership or some sort of LLC?

we still have a hard time with Insurance coverage on anything vacant unless we have a fully functional & monitored alarm system installed or someone bunks down for a couple of weeks.

Friendships are destroyed by partnerships.

An LLC is an LLC, so I'm going to go on the assumption that you mean how it should be taxed: as a partnership, a corporation, or as a disregarded entity (which would pass through onto your personal income tax return(s)).That question is best answered by talking with your son and your accountant; the three of you should quickly come to the choice that works for you.

I have an LLC for our partnership but again having a large umbrella policy will also help protect you.

In such a case, the deed to the property is a deed of trust, the equitable right and title being held by a Trustee.David, I think you mean a Trust Deed, not a Deed of Trust.Some bad stuff in this thread, there's trouble my friend, right here in BP City.Use a partnership, then you can do pretty much what you agree to.

I'll start out by saying the only ship that won't sail is a partnership.

We have 4 duplexes grouped together that function as as 8-plex.