Compound 300 acres at risk with rentals houses on it.

[Kelly Carr]

I have five rental houses on a 300 acre compound. Currently sole proprietor. Need to protect land from possible lawsuits in future. I don't want to split the land. The parcels are not separate for each house. Can I do an LLC to a property management company in my kids name to protect the land. I do have liability insurance and I do have tentants sign a liability waiver for land which is not part of their rental agreement. Also I want to start having my kids earn money from the rentals. Do I just pay them as property managers? In michigan you have to be owner of the rental to manage it or you have to hire a licensed real estate agent to manage it if you want them to make lease decisions. I think my kids can manage it as long as I make the lease decisions. My kids are minors but I want them to have their own llc with me as their registered agent for the LLC. Can a registered agent sign documents or contracts for the LLC?

[Drew Sygit]

Look into a land trust.