Wholesaling a LLC instead of a property?

[Account Closed]

I have come into contact with a landlord that is looking to retire. He has a package of 12 properties and we have agreed on a price that would be under market value based on comps on all properties individually. It is my understanding that he is looking to sell the LLC that the properties are under. Is it possible to get into contract to purchase the LLC, and then assign that contract the same way that I would wholesale an individual property? How would closing work? This is in Monroe County, NY (Rochester, ny).

[Bill B.]

Make sure the llc is t being sued and doesn’t owe someone a million $’s. Pry safer for you to buy the properties separately. 

Ps you’ll need a CPA to answer this as I have no clue. BUT… if you buy the llc are you going to inherit his low cost basis and all his depreciation that needs to be recaptured when you sell? You could step in to a huge tax bomb owing all the taxes the seller should have paid.