How To Put Rental Under LLC

[Kyle Johnson]

I moved out of my old house and turned it into a rental. The deed and loan are under my name but I want to put it under my newly created LLC. What is the process for doing that? My rental is being managed by a PM. Do I need to let them know?

[Robert Gilstrap]

@Kyle Johnson I agree with @Mike S. that the better option is to have it titled into a trust and then have the beneficial interest of the trust be owed by an LLC (Preferably a multi-member LLC). Where is disagree is that it gets you around the due on sale clause in your mortgage because it doesn't unless you personally continue to occupy the property (which you won't be if its a rental) Yes your PM will need to change the name on the management agreement since you will no longer be the owner. As to a bank calling anything due; true, it could happen but it isn't going to and worst case scenario you just deed it right back into your personal name but again it aint gonna happen.