Just looking for feedback and particular strategies for adding a layer of asset protection on an investment property. 1st exit strategy is flip and 2nd is rent. Do you recommend to quit claim a cash purchase SFR to LLC to add layer of asset protection? Is it recommended to use an attorney to file the paperwork with the county?
Looking for any feedback and recommendations...
Thank you in advance
Don't use a quit claim, as this will make it harder to gain title insurance on this property in the future. Instead, just use a warranty deed and write on the deed that it is for vesting purposes only.
Do you already own this property? If not, then I would purchase it as the LLC.
As long as you keep your personal and LLC finances separate, you should be protected. If you start comingling funds, you lose the protection the LLC separation gives you.
You asked if an attorney should file the paperwork. I would do a bit of research into how the county requires the change to be documented. If you can do it in a small amount of time and that is acceptable to the county, no need to pay the attorney.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.