All Forum Posts by: Ben Moore

So I am new to the forum and I have to say there is so much rich info. on this forum this topic may have been covered but I have not found the advice / guidance I am looking for. 

Like so many, I became an accidental landlord about 10 years ago.  I had bought a single family and was selling the two family I had been living in.  The two family deal fell through and I decided to keep it as an investment property. 

To be honest, I did not give much thought to entities or anything like that.   I just kept it, collected the rent, kept basic track of expenses and took out an umbrella policy just in case.  

Then about 2 years ago, I had the opportunity to create a revocable trust and moved both my primary and rental property into it.  So I did. 

Thankfully all is going well (fingers crossed and wood touched) and the property is cash flow positive.  Thinking that I might invest in another property I started to do more research and started to think I might (well I am)  be doing things wrong.  So digging deeper and reading a few books I opened up a pandora's box... 

So to my question (and apologies for being long winded) ...

Does anyone have any thoughts on the above.. 

(a) should I move the property out of the trust and move it into an llc?  

(b) Which type of llc would be best for my situation (I could be sole or I could bring my wife into the llc as well - this always confuses me.. ).   

(c) is there an option to bring the llc into a revocable trust 

(d) I am guessing i may have tax issues moving it from my name to llc - any guidance ? 

(e) any other thoughts guidance ?

If relevant but I like in Massachusetts

Thanks and looking forward to the discussion and being an active participant on this forum.