Updated about 2 years ago on . Most recent reply
Land Trust - LLC - Revocable trusts
Hello Everyone!
I'm currently house hacking in WA and I'm just about to close on a property located in OK.
There are a few very informative (and old) posts that i wanted to discuss further and hear some thoughts. I'm still pretty new so feel free to explain it to me like I'm a child. Thanks. haha
I'm purchasing the property under my name and I don't have an LLC created for my rental but of course i've heard about the dreaded "due-on-sale" clause. I want to have the liability protection provided with an LLC.
From my understanding i can put this property into a Land Trust (without triggering the DOS) and transfer the Land Trust into an LLC. This gives me privacy AND protection. If i have each property inside of its own LLC, should i create a Revocable Trust that controls all of the LLC's as well?
I'd prefer to start building the correct foundation of my business before there are too many moving parts. I'll be contacting professionals but id still like to have a good grasp on this before i go in talking about nonsense and wasting everyones time.
Close on the property ----> I create an LLC with myself as the sole member ----> Create a Land Trust with the LLC as the trustee -----> LLC's are put in a Revocable Trust. Does this sound about right?
Thank you!