Mu husband and I have been studying about real estate investing for a while and we finally pulled the plug and bought a house at a Sheriff Auction in cash, so we own it and there is no mortgage involved.
Our intention is to remodel the house and then rent it.
Currently trying to set up an LLC to transfer the title of ownership from our name to the LLC.
Is there any lawyer or CPA who understands Louisiana law? We have some questions about the tax concequences of doing this. Also some general questions about setting up the LLC so that we get maximum tax benefit.
Thanks in advance!
There should be no additional taxes. Contact either a title company or real estate lawyer to assist you in getting it transferred properly.
DISCLAIMER: I am neither an attorney nor a CPA, and I don't play one on the internet.
Bonjour and welcome to BP @Abigail Nalbandian ! Look up attorney David Birdsong. He is very active in NOREIA and he can advise you about the legal best practices in accomplishing what you are working on.