Owner will carry Estate & Heirs
I have an old friend with 45 properties. He is getting very ill in his old age. His 2 children have not shown any interest in this profession and have moved out to start their own lives. He, just like any good parent would like to find a way for them to benefit from the portfolio.
He also does not want to create a huge taxable event...
I would like to help him and build my portfolio as I am a young investor. What are my options...?
Most Popular Reply
Glad I could help. Also, when I meant ownership structure, I meant does he own them personally, in an entity/trust/etc? That will help. Honestly the easiest thing to do would probably to get clear with him about what works for you and see if you guys can come to a structure that works for both of you. If so, then I'd consult a tax accountant and attorney about how to structure a transfer in the cheapest way possible. Someone will likely pay something, but hopefully it'll be the tenants, ultimately.