I’ve done promissory notes with private lenders but never negotiated what is essentially part ownership.

Hey everyone, if I own multiple rental properties under my own name, can I transfer the ownership to an LLC at a later date?

Purchase price: $55,000 Cash invested: $20,000 Privacy and Pride of Ownership!

However, I've never partaken in ownership responsibilities.So my plan is to purchase a multifam, live in one of the units for a year while saving my usual 35% of salary plus 15k I'd now be saving from what I currently pay in rent.

If you personally get sued for something outside your businesses they can still come after your LLC ownership interests and your assets.3.

Either way you get your share of depreciation (100% in the case of sole ownership and whatever %% of ownership you have in a syndication).For example - non-real estate professional:W-2 income : $90KRental income: $10KDepreciation: -$40KNet rental income (loss): -$30KNet income: $90K-$25K (max limit)=$65KExcess depreciation: $5K - carry over to the next yearIf income goes above $150K, the entire $30K passive loss becomes suspended until the property is sold.Ask a CPA for more details and explanations

What I learnt hands on the first year of my MF ownership, no body could have prepped me for it.

Since you already own a property you know most expenses that come with ownership so that’s not too different and you’ll just need to figure out how to handle your extra unit going forward.

Also there are sometimes state or local operating permits that would be in the name of Lamar further complicating things if you were trying to take ownership of the board.

This is typically done with what’s called a “quit claim deed”, essentially a transfer of ownership from one entity to another.