All Forum Posts by: Danielle Morton

@Dave Foster (I finally figured out how @ people on here...LOL. Oh they are definitely ticked off but now I have to have my parents sign everything since all of a sudden we are not recognized by them. Sounds like an LLC is the way to go even if it is still in my parents names. Thank you for all your advice!

Hi Joe, 

Yes, we know we aren't owners on paper, I meant we are involved in this as equals since my parents bought this vacation home for us and the grandkids. They wanted to eventually give this to us in a couple of years anyway because they are older and don't want the stress of dealing with a rental property so we would pay them like a reverse mortgage (at a reduced price). What changed is the association is limiting our decision making, so we all agreed to see what we could do to be viewed as owners on paper, because like I said, they don't want the stress (This is our first time owning in a association and it's not something we would ever do again! Horrible!). We don't mind buying into it as they can't just give it to us since they are retired and use the income for their expenses and we have another sibling not involved so gifting would not be fair.

So not sure if you will know the answer to this. The home is part of an association and because my brother and I have been vocal about a recent assessment they told us they will only allow the deeded owners to vote on issues. They are well aware we are the proxies. So if the property is changed to an LLC with just my parents, will they know who the LLC owners are at that point?

So my parents did a 1031 exchange almost 5 years ago and bought a beach home which we rent out. Me and my brother have been managing the property and my parents consider us owners in this. My question is, can this property be made into an LLC with my parents having 25% each (50%) and my brother and me having 25% each or can we be added to the deed as co-owners? We are adult children with our own families for some background. Thanks!