Updated about 2 years ago on . Most recent reply
1st property, family transfer
Hi, this is my first post and I am in the process of owning my first property! I am being given a family property that is a single-family home with no debt on the home. I live out of state and will be using this as a rental income property. I'm curious about the best options for transferring the home to me. Should it be a quitclaim deed, or have my family establish a trust then put it there and make me, or an LLC that I would form and be the beneficiary and managing party? Since there is no debt on the home I want to try to keep costs for transferring the home as low as possible. Curious if anyone has thoughts or experience in this type of situation.