All Forum Posts by: Luis Delgado

I didn't mention in the post, but I'm realizing that another viable option is to leave the condo under my name but get umbrella insurance. Would people recommend this better than updating the property title?

In May of 2020 I bought a condo in Seattle as my primary residence. Then in August of 2022 I moved to Florida, and rented out my condo to tenants, but the condo remained under my name. As I've learned more about real estate this makes me really uncomfortable since I'm bearing all the liability if my tenants decide to sue me for any reason.

What's the process to transfer an owned property to an LLC, if you no longer live in that state? I've searched in Google but it's a bit of an edge-case and I haven't found an ultimate answer. Based on what I'm imagining I'll have to:

• -Open an LLC ASAP
• -Would the process go quicker if the LLC is established in WA? Or if I want to open one in FL could I leverage it the same way?
• -Submit the paperwork (do I need a lawyer? Will this be a costly operation?)

Any information is greatly appreciated. Thanks!