Updated about 1 year ago on . Most recent reply
Rental properties in LLC
Hello I had a question, my father passed away a few years ago and left us two rental properties in Virginia. Both properties owned free and clear by our mother but my brother has the power of attorney. We are trying to get everything in order and are thinking about forming an LLC for them. We live out of state. I was wondering, should the LLC be registered in our home state or in the state where the properties are? Also, should it be a separate LLC for each house? And on a different note, each property has had the same tenants for 10+ years now but we haven't raised rents in maybe 7 years and they are way too low, is there a legal process you have to go through to raise rents or can we just tell the tenants that rent is increasing by a few percent? In case you couldn't tell, we are new at this and any help is much appreciated. Thanks!
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#2 All Forums Contributor
- Property Manager
- Royal Oak, MI
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#2 All Forums Contributor
- Property Manager
- Royal Oak, MI
@Luke Eastman what's probably more important, is to speak with an estate planning attorney.
Your mother should probably have a Trust, to avoid the properties having to go through probate when she dies.
As part of the Trust, the estate planner may recommend an LLC or not.
- Drew Sygit
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- 248-209-6824
