Quit Claim ?‘s California

1 Reply

My Best friend wants to quit

Claim 50% of his apartment property to me as I will also be earning 50% of the profit, I will be handling all management, Maintenance, rent collecting property up keep etc. He has fallen very ill and since I have my own Apts i know what needs to be done to operate and keep his Apts profitable. My issue is taxes will He or I get taxed ? There is no

Plans to sell the property since this is his source of income. And if it did sell it would be transferred to a 1031 exchange to purchase a

Larger apt complex

Your friend should speak with an attorney and CPA.

There are legal and tax consequences to him quit-claiming 50% of the property to you.

If he was my client, just reading the limited facts and circumstances here, I might advise him that it would be better to retain full ownership and just pay you a monthly property management fee.

Larger apartment complex....in CA....50%....is your friend aware he might be giving you hundreds of thousands of dollars right off the bat?  How do you feel about that?

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here