Hello there, I would greatly appreciate a reference for a good RE attorney to create an LLC for my short (airbnb) /long term West Linn rental, preferably a local one with a good knowledge of township specifics.
Andy Hahs with Bittner and Hahs is a great attorney.
You don't need a local attorney to create an LLC. An LLC is a company. You live in AZ. Talk to your local AZ attorney and CPA. Talk to your CPA over the financially and tax implications of different formation options. Your CPA and or Attorney can then form the LLC for you in AZ. You can then transfer the property into the LLC or s Corp. I would ask your lender if they mind if you transfer the property into your company before you do this to avoid any issue with a loan acceleration clause. But you can have a company formed in any State and have that company hold property from any state.
if you want to limit your liability for your property (especially a short term rental) you'll want to transfer it into the name of an LLC. I do this with all my properties and they are all conventionally financed... haven't had a lender complain yet (they are all still getting their checks on time).
It's a pretty easy process and just requires that you register the LLC with the state of your choice and then you need to quit claim the property into the name of the LLC. I can walk you through how I have done this with all my properties if you're interested.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing