Moving Existing Rentals to LLC
Hi everyone,
I've been MIA from BP for a while, but need help/advice on the steps to move our existing rentals to an LLC. Can someone provide a step by step process that we can follow (or point me to an existing outline) or do we need to hire a real estate attorney to complete this process? If an attorney is necessary, are there any good recommendations in the Norman, OK area?
Background:
I am a 50/50 partner with my brother/sister-in-law. We have two rental properties that are on mortgages and are managed by a PM. I'm aware that everyone warns about the 'due on clause' that people warn about when attempting to move rentals under an LLC. Has anyone ran into these issues in Central Oklahoma? Given we are partners, it will be easier to manage the properties under an LLC.
Is there anything else we should be aware of when working through this process?
Thanks in advance.
-Wes