Updated almost 8 years ago on . Most recent reply
Any advantage to buying the LLC that owns the property?
I'm looking into purchasing a 6 unit(2 businesses and 4 residential) that is owned by a LLC that only owns this one property. I was wondering what the advantages/disadvantages were to purchasing the LLC instead of the property in my LLC? Property is in Delaware. Thanks in advance.
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
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Disadvantages,
You inherit their depreciated basis in the property both for future cap gain taxes and for depreciation.
You inherit possible unknown liabilities lingering out there.