Tucson Asset Lawyer Recommendation/Structure Question

4 Replies

I know we are all mourning the loss of our wildcats but I am looking to transfer properties to an LLC for the first time. I've been reading a lot of articles on BP but It still is beyond my depth.

Firstly, I'm investing with a single partner now but would like to invest with other equity partners in the future.  To me this means separate LLCs per property with different owner groups.  

Secondly, will I have to hire a bookkeeper or accountant for anything but tax returns in AZ if my property manager is taking care of bookkeeping for my properties?

Lastly, I would really appreciate any recommendations for lawyers in AZ.  Thanks guys and I'm excited to keep pushing!

Originally posted by @Keoki Kimzin :

I know we are all mourning the loss of our wildcats but I am looking to transfer properties to an LLC for the first time. I've been reading a lot of articles on BP but It still is beyond my depth.

Firstly, I'm investing with a single partner now but would like to invest with other equity partners in the future.  To me this means separate LLCs per property with different owner groups.  

Secondly, will I have to hire a bookkeeper or accountant for anything but tax returns in AZ if my property manager is taking care of bookkeeping for my properties?

Lastly, I would really appreciate any recommendations for lawyers in AZ.  Thanks guys and I'm excited to keep pushing!

I think you are looking for AZREIA.org They have meetings in Tucson as well as Phoenix and Prescott (or Flagstaff). Anyway, there are lawyers, title companies, escrow, real estate agents, hard money lenders, fix & flippers, buy & holders, and guys like me who simply like to talk real estate. You can probably get away with having just two LLCs. One for your "quick cash" projects and one for your long term hold projects. You then use Joint Venture Agreements with your LLC being one partner and whichever entity they chose can be the other partner. One of the attorneys in AZREIA specializes in LLCs and they are well worth talking too.

As Mike mentions, AZREIA is a great place to start, there are some wonderful people in that group with a wealth of information. We also do joint ventures with partners in some cases, and for us, we prefer to use one LLC per partner (not property). This makes things much easier at tax time.

Thanks gents for your REIA recommendations and I planning on seeing what it has to offer to me since I'm currently stationed in Italy for the next two years. I can't believe I didn't go to a meeting while I was stationed in Tucson, what a neat resource!

With Joint Venture agreements, where is the property placed for asset protection?  I'm reading that the Joint Venture is more like an operating agreement between two entities not an entity in it of it's own.  Any resources besides bp would be greatly appreciated.

When we do a joint venture, we do both an LLC operating agreement and a joint venture agreement, the language states that the JV agreement supersedes the operating agreement if there is a conflict. The property is titled to the LLC. The specifics of this, and why, are definitely best discussed with an attorney.

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