Best think to do it look at the previous owner and see if there is the same last name from the previous owner or did someone transfer from their personal name to a trust or something.

As Ive read through previous discussions, while the information is great, unfortunately I am now more confused than ever.A few questions I was hoping to get answered so I can be steered in the right direction.I created an LLC for my investment condo, and planned on transferring the deed from my name to the LLC but now am worried after reading the bank has the option to call on the loan.1.

-Steven C Hamilton IITo phrase it another way, if each month your LLC makes $5000 net profit, and each month you transfer $4000 to a personal account of you, the owner, which you use as a "salary (since you can't pay yourself a salary out of an LLC) is that acceptable or not?

The IRS consideres a land contract as a transfer of ownership.

After you have set up your LLC or Corporation you should transfer you business properties to that entity.

Where title is transferred as certain amounts have been paid, say when 25% equity is established in a property and each property is viewed as a seperate transaction, properties being placed in line to be purchased from one payment stream.You didn't say if there was any underlying mortgage on the properties.Another issue is that a MH park is usually under on legal description, so dividing each one out is not practical.

Some of the things to keep in mind - all of this assumes you are using financing: - Pro-rated taxes for both city and county to fund escrow (depending on the exact location) - pro-rated insurance, plus one-year insurance escrow - recording and transfer taxes (should be minimal under $100 each) - Title search and insurance is a big one that can run up to half a percent.

If that is the case, then their security deposit should have been transferred to you at closing to hold in a separate account.

It's basically a stamp of approval that the county followed all of the instructions and the deed was transferred properly.

If said person were to join an LLC by amending operating agreement to establish ownership or a decent amount of ownership of an  LLC that has ownership of 393 units bought 20 years ago would the experience of that ownership be transferred to the member that has just joined?