Wanted to know the best way to do this real estate transfer/deal.
My wife's parents own a rental property free and clear in an LLC. Property was purchased for 130k. Value is currently 230-250k.
They bought it by refinancing their personal home. There is 167k left on an 11 year loan at 2.8%.
The property technically has a negative cash flow of $200 a month.
They have just retired and do not want to deal with the upkeep or a rental. They just want to give it to us at this point. My wife and I want to take it over along with her sister and brother in law.
What is the smartest way legally and financially to transfer the property from their name to our name?
Since the loan is at a low interest rate we do not want to refinance into our names and her parents are okay not refinancing as well.