Who to consult on an LLC for multiple properties

4 Replies

Hello. This is my first time posting and I wanted to see if someone could help point me in the right direction. I am going to be taking over managing 3 properties my parents currently have. They have done it as a mom and pop operation for years now but looking to be less active and allow my self and my sister to make it grow. I want to put our names on the deeds, create and LLC and move the properties into the LLC. We will then use the equity in the homes to borrow against and build the portfolio.  I have questions on how being added to these deeds and creating the LLC will impact my taxes and other liabilities like child support but I am not sure if I need to talk to a CPA about this or a lawyer. If anyone could point me in the right direction that would be a big help. Thank you

@Brian Gonsalves in short talk to a CPA about how it will effect your taxes, and a lawyer on how to handle the transition and setup from your parents to an llc that you and your sister would be running along with how that is going to effect child support (this might be more than one lawyer family lawyers sometimes don't do business law). 

Side note borrowing on properties that are under a llc can be more difficult than an individual that is looking to borrow against. So I would add a banker/lender to the mix and make sure that if you do all of this you will still be able to obtain the financing you are looking for.

Hope that helps and congrats on the rapid expansion

@Brian Gonsalves

Sounds like you are creating LOTS of tax issues. Call a CPA and also, maybe pump the breaks on changing ownership and llc's. Why not see if you are capable and willing to manage your parents portfolio before you make it your business? LLC's and ownership changes and all that can come in time.

"This has been working for years, change everything" is making me nervous for you.

I have a great CPA in the area if you PM me I'd be happy to refer you.