I have a duplex in Southwest Florida. I currently live in NY. I have had the property for a little less than a year and I would like to transfer it to an LLC. Any suggestions on how to go about this process? Should I go through a lawyer? Do I create it in NY or in FL? What is the price range of creating one?
The LLC should be formed in the State the property resides. Legal entities, such as LLC's, are formed by State and thus only have legal standing in the State they are formed.
Its always advisable to consult with qualified professionals, especially when you have a bunch of questions.
Filing fees are usually rather minimal, say $100-$200. But, there is the work that goes along with creating the Operating Agreement and the other filings to move everything around. This is their expertise that you are buying.
As far as the process, you could transfer the property to the LLC with a deed, quit claim or otherwise. But, my layman's recommendation would be to refinance with a commercial loan (legal entities are not eligble for a conforming residential financing) to obtain the full limited liability protection of the entity. This addresses the "bastardization" of the Title being the LLC's name and the mortgage given under your name. If you use a warranty deed, you'll be sure that your Title Insurance policy is in effect.
Here are some former discussion threads that you might find useful. Good luck.
@Anthony Reyes you can open an LLC in any state and hold property in it in a different state. I have an LLC in Nevada with property held that is in other states. You just have to register the LLC in the state with the property and most likely pay for a Registered Agent if you dont live in that state. Not an attorney so consult with one please.