Buying an Owning Entity Instead of Buying the "Properties"
BP,
I have a new idea that I would like to get some guidance on. I am currently purchasing a group of single family homes in Western NY; the seller owns them in several LLCs. I always own my properties in an LLC, but rather than establishing new entities in NY, I would like to purchase his entities and therefore not have to transfer the ownership of the properties. I will also avoid going through the hassle of creating new entities in NY that requires "advertising" of the new entities.
I have no idea how to go about researching an existing LLC. I am reasonably certain that all of these LLCs were created specifically for holding rental properties, but I have no idea how to check that they are in good standing with the state, that there are no current legal issues, and that I would not be purchasing pre-existing company problems.
Does anyone have any advice on this? Thanks.