My father wants to leave me 3 properties, 2 in Georgia (both houses) and 1 in florida (condo) [no siblings]. I would like to keep all properties and all attached mortgages. My concern would be losing the current mortgages.
1) Would transferring the 2 properties I won't be living in, but renting into an LLC be the right move? [1 fla, 1 ga]
-if so, would I need an attorney to do this? I am not currently on any mortgage, but I assume I would need to ber listed in the LLC.
2) my understanding is that the main house in georgia, if I live there, I would be able to assume the current mortgage.
My understanding is that are allowed to take over any mtg as an heir. Plus if it’s goes thru normal probate you receive a stepped up basis to current value, a Huge tax savings when you sell.
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