I have plans to consult my attorney, accountant and insurance agent, but would like any input from people with experience.
My wife and I currently own 3 single family rental properties that we manage ourselves. All 3 houses are in our name. Also we have a large umbrella policy that covers all of our houses.
We also own two separate LLCs - a transport company and an espresso stand.
My wife's step mom owns a commercial building (retail space and apartments) and her owner contract ends August 2017 and would like for us to purchase the building at the end of her contract.
Would it be wise to put all our investment properties in a trust with a new LLC as the beneficiary in preparation of possibly purchasing the building? Or keep everything in our name and invest in more insurance.
@Roger Moore Welcome to BP! Unfortunately, nobody on here can give you that information, as there are too many variables that we don't know. You need to consult with an accountant or attorney to give you an answer that fits your specific circumstances.
Yes, that's definitely a question for an attorney and accountant who are familiar with your situation.
In my experience, most of my clients placed each property in separate LLCs but the income from each were more than able to sustain the annual fees. Some landlords who had smaller properties and hence smaller incomes did put two properties into one LLC.