Need help on how to obtain records from 2020 showing his old tax lien was released.

You should consult with an attorney in your state to make sure that you are using the best asset protection strategy for your situation.Your budget: The cost of asset protection can vary depending on the type of protection that you choose.

My questions are: Are they any implications (tax or otherwise) to my friend or the LLC?

@Anx Carter Your safest bet is to have your CPA/tax professional determine the land value.

Asset class conversion creates an opportunity for Massive value-add, creating enough value for a cashout refi, allowing for millions to be taken out without a sale, which means no Capital Gain, which means no taxes.

You will have to pay up the property taxes.

Your resident state CA will tax all of your income, including out-of-state gain.

There is no inheritance tax given the value of the estate.

Never let the tax tail wag the dog.

There was an opportunity to help a fellow investor who had his family growing and needed to dispose of the property to get rid of problematic tenant issues, rising taxes, and invest in other opportunities closer to home.