Purchasing the LLC?: TX Mobile Home Park Purchase
Question:
1. Is it a good idea to buy a mobile home park by just transferring ownership interest of the existing LLC established in 2008?
We will buy the LLC and transfer the entity using the Texas amendment (Form 424) and file it with teh state.
The amendment will state current owner relinquishes membership interests to my partner and I.
2. What happens to the title insurance? Can we leave it in place?
3. Anything else we should consider?
Cliff notes: We are buying a mobile home park. The owner is financing 75% and we are putting 25% down. The seller offered to simply transfer all ownership interests of the LLC to me via amendment (Texas Amendment Form 424) and is wondering if we need new title insurance?