Then yes, you're describing the right procedure: transfer money to your personal account and blow it in Vegas.Drawing money from LLC does not make it deductible.

I start by saying I’m not a lawyer...but...In New Hampshire, if a tenant has a lease, it generally must be honored by a new owner, but there are two possible exceptions that I’m aware of.The first would be if a lease includes a specific provision allowing a lease to be dissolved in the case of transfer of ownership.  

Thoughts on the best way to transfer the property.

Were the security deposits for the current tenants transferred to you at closing?

He may want to give it away and not have to pay taxes, (if there is not a lien on it) and if that is the case, I would suggest he transfer deed to you and you will pay the taxes. 

If you go through my posts you can see it since I don't know if the links will transfer if I were to copy and paste. 

Which I just transfer to my handyman and that is about it.I single person could manage over 50 units easily those days.Again it depends on the neighborhood and state of the house.

What is the best way to transfer our properties from a C-Corp to an LLC?

But if you’re in the military I would request a transfer to a more landlord friendly state where the barriers to entry into the RE market are much lower. 

I don't recall all the details around that.A couple questions/scenarios to confirm:1) They are wanting to pass the property on and have encouraged us to look for another place - they would like to transfer their ownership to us, which I assume means gifting.