Updated over 5 years ago on . Most recent reply
Family owned property
I have decided to roll my 401K over to a SDIRA LLC or SDIRA Series LLC and start investing in property. I will start with single family homes. I want to leave the method ( flip, brrrr, buy and hold, ect...) open to the specific property and circumstances.
My question is my 82 year old mother lives with us now and owns her home and my late grandmothers home. Those will be the first two rent properties in my portfolio. Should I purchase those so I can move them under the LLC umbrella or leave them in her name ? There would be a small cost associated with purchasing and some negative property tax implications. Would the LLC protection be worth it?
My concern is one of the houses will need some rehab which should be 5-10 K and I want to fund that from the SDIRA account. I am not sure if it is legal to do with a property I do not own.
Thanks in advance for advice....