I Inherited Properties! How do I start? LLC? HELOC? CPA?
Hey Everyone I'm 24 years old trying to figure out REI. I figured after searching through forums on BP I'd ask some of my personal questions.
My father passed away unexpectedly and my mother, brother, and I inherited the properties. (Some People Suggest Not To Invest With Family Members But My Brother and I know Our Goals) The properties consist of 2 land properties, 5 mobile homes, and 1 house. Everything is paid off.
My Goal is to take on my mothers expenses and getting her a new SUV with these properties. I love how versatile REI and would love to grow this family portfolio. House hacking best suits my personality but would love to branch into BRRRR
One idea my brother suggested is to quit claim the properties onto a LLC have the reported rental income pay us back at the end of the year.
I had an idea on opening a HELOC from my mothers primary residence (House) and using the credit on repair cost on the 5 mobile homes and rent them at fair market price. Have those rental homes pay back the HELOC.
I'm also very new to all this such as dealing with upcoming tenants and becoming a landlord especially on how to do taxes in rental income and how to provide the income gains and expenses. What are the best ways to keep up with it with or without a CPA? If i choose to go with a CPA i would love to make it easier on them when tax season come around.
I work at a beach service job that shows my income (I've just been there for 18 months) I have 15,000 in liquid cash
Getting loans is difficult for homes when i need to show at least 2 years worth of income and i want to know how i can use these properties to show net income and help show more income than just a w2.
Any Advice is greatly appreciated.