Legal/Tax implications of buying an LLC that owns Real Estate

[David Fernandez]

Hi!I

I am looking to buy a small apartment building in Maryland that it is owned in an LLC. The seller suggested to buy the LLC that owns the building to avoid paying transfer taxes.

I can save some money doing this, but what accounting implications will this purchase have? Will I be able to take the full depreciation of my purchase price or I will be stuck with the remaining depreciation that the property has under the LLC?

Legally, I believe I will have to make sure that the LLC has no pending litigation/lawsuits/etc. and get a release from the current owner from any liability caused previous to my acquisition.

I will talk to my attorney (I don't have a CPA - looking for one); however, any input from the BP community will be greatly appreciated. 

Thanks!