My cousin and I are inheriting land purchased in an llc. The members of the llc are my father and aunt. There are three lots and they want to divide it up and dissolve the llc.
My father owns a greater equity of the lots, but my aunt pays half the taxes (which are more than her equity stake).
One lot has a farmer on it, the second has trees (to be logged), and the third is a roadside lot (possible house or farm?)
Unfortunately the farmer’s rent barely pays the holding costs.
This property is in rural N. Carolina and I live in New York. My father is telling me to just pay the holding costs and keep it. I would only keep it if I could find a way for it to become an income source.
Which of the 3 lots would you claim?
How should I work this out with my cousin?
How can I make this a real income property?
How can I value it out?
What would YOU do?
It is on the outskirts Elizabeth City, NC and zoned for agriculture, and i guess residential. I don’t have a physical address, but I have the MAP number, RECORD number, and ACCOUNT number from the Tax statement
Being in Southern Arizona I don't know much about logging, but I have done a lot of land sales. Off the top of my head, I would want to know about zoning, dividable, legal access, physical access, road agreements, easements, floodplains, utility access, wells, well agreements, setbacks, environmental issues, and soil tests. If you are planning to sell it I would advise finding a local land (not residential) agent who can help value the property, choose the best lot, and maximise its value. Good luck.
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