Buy out 2 siblings and use property for investment

[Mark Paskach]

my wife owns a home with her brother and sister. Neither of them can afford to help pay taxes... ins.. or upkeep.  We want to buy them out and use property for buy and hold rental.  It needs some work. There is no debt on the property. This would be our first investment property.  Do we need to set up an llc... just looking for suggestions.  

Thank you in advance

Mark

[Jeff Rabinowitz]

@Mark Paskach, welcome to BP. No, you do not need to set up an LLC in order to run a rental property. There are potential advantages but only if you use the LLC correctly and many people do not use them correctly. It is simpler not to use LLCs. A brief conversation with an attorney and an accountant may lead you to the correct path for you.

[Jerry W.]

Hey @Mark Paskach great idea to buy them out. You do not have to set up an LLC. I would ask your tax accountant what he thinks is best. There are some tax advantages to different ways of owning. There are great Ebooks in BP on rehabbing and renting out property. Be sure to read up to get ready to be a landlord.

[Sky Mikesell]

get a real estate focused attorney involved to get the siblings out cleanly and get the property into your name or your llc whichever you decide to go with. 

[Mark Paskach]

Thank you Jeff, Jerry and Sky.   I will look up those books and we had discussed the need to get an attorney.  I just figured I would start here in the forum as I had heard so many good things.

Thank you for taking time to read and reply to my question!

Mark