All Forum Posts by: Stanley Yang
Stanley Yang has started 1 posts and replied 2 times.
Post: How to transfer property title from two-member LLC to ourselves?
- Irvine, CA
- Posts 2
- Votes 0
Originally posted by @Lance Lvovsky:
A deed needs to be prepared. Here in Florida, Deeds are prepared either by Attorneys or Title Companies. I wouldn't do it yourself. Why is the CPA recommending you take the property out of the LLC?
The reason is we're running active business in that LLC.
Post: How to transfer property title from two-member LLC to ourselves?
- Irvine, CA
- Posts 2
- Votes 0
My fiancee and I own a rental investment property under our LLC (structured as partnership; 50%-50%). The property was bought with cash in August of this year, and it's in San Bernardino county, California. We just found BiggerPockets not long ago and we hired a highly regarded accountant right away. She suggests us to move the property out of the LLC (since we're also doing flipping under this LLC) and hold the title under our personal names.
Can we just do this ourselves without hiring a lawyer or LDA? Some people said it's easy, but also costly if a mistake is made along the way. If anyone can provide a clear step by step process of what to do, I'd like to try to do it ourselves. By the way, how should we title the property? Joint tenancy or tenancy in common? And once we get married, do we have to change the title again?
Thank you!