Investing in Canadian Property from the USA
Hey Bigger Pockets :)
My brother is a Canadian resident living in Montreal and I'm a US resident living in Los Angeles. We're looking into buying our first rental property.
We've found a condo in Montreal that meets our criteria and we're considering a purchase.
We have been negotiating with the the seller and it's looking like we will get in under market :)
I'm looking for advice on how to best structure the purchase considering our citizenship and living differences.
What would be the best strategy for buying the apartment together considering I live in the US and he's in Canada?
Is anyone familiar with the tax implications?
I would essentially be an international investor.
Our plan : my brother will apply as the primary buyer, and get a mortgage through a Canadian bank.
We will split the 20% downpayment.
My brother is planning on creating a holding company that will own the property. We're thinking it will have tax benefits, reduce liability and protect our assets. After 2 years he will add me as the second shareholder of the company. We are also going to prepare a document that protects my capital / interest in the property should anything happen to him during the next 2 years. He's young but we're just being careful.
Any advice regarding investing internationally / setting up a holding company / LLC for real estate, and what tax benefits are available, or anything pertinent are welcome :)
Thanks ;)