Posted by Russ Sims on October 07, 2003 at 13:49:17:
Good idea, getting it out of your name. Is your LLC formed yet? If so perhaps you can draw up a land trust and deed the property into the trust. You become the trustee and your LLC becomes the beneficiary.This effectivly makes your LLC the owner and transferring the property this way will not send flags to your lender alerting them of possible due on sale violations. Drawing up a trust and deeding the property into it is pretty easy, although you must be accurate with your paperwork. Have an attorney do it the first time and then simply copy them on subsequent transactions, or purchase a course on Trusts (Bronchick has an excellent one) and do it yourself from the get go.