Posted by JHyre in Ohio on July 28, 2003 at 14:27:42:
Once you sell to your brother, future issues are 99.9% likely to be his issue, not yours, so an LLC is of no use to you (though he may want one). Any past issues are potentially your problem, and setting up an LLC now is unlikely to change that.
John Hyre
Can I tranfer my property to LLC - Posted by Andy
Posted by Andy on July 26, 2003 at 15:57:31:
Hi,
I have a property which I bought cash for it and the deed/tittle is under my name.This property is rental property currently rented out.
My bro is setting up his LLC and use his LLC to buy my rental property vis a bank loan.He pays me 20% down and 80% vai bank loan.
Questions;-
Do you think he can get loan by setting up his LLC just to buy this property?
If he is unable to buy my property via LLC.
Is it better for me to transfer this property from my name to LLC just to ensure limited liability?
Since I have tenant and maybe back luck,might sue me for some issue on this property.
If it is wise for me to transfer this property to LLC,how do I go about doing so?
Thanks,