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Bookkeeping on Transfer Property between LLCs
I have only one LLC created so far. That LLC has both flips and buy & hold properties. I recently learned that I should have separate LLCs for flips and hold properties. Currently I have a property just finished remodel, I'm wanting to transfer that to a new LLC I'm about the create. Right now that property is held in a land trust and my LLC is the beneficiary. How should I go about transfer the property and the bookkeeping side of it? I can simply assign the beneficial interest to the new LLC without the title change. Would I still need a closing from title company? Is that necessary? How about the bookkeeping side of it? Is the sale price gonna be my purchase + repairs and the cost basis will just be the same price for my new LLC?