managing prop. in trust - Posted by Danny

Posted by Brent_IL on August 20, 2003 at 16:15:09:

This may be more than you need, but this is legal.

I’ve used a limited partnership where the 99% Limited Partner is unavailable to anyone save me, and the 1% General Partner is a LLC. The LLC hires a C-corporation to act as a screener for acquisition identifications and as operations manager. The C-corp in turn hires me. I?m a purchase negotiator, and the Secretary of the C-crop, most of the time. The trustees of the individual trusts hire the C-corp as property manager. I outsource everything I can.

The LLC has a checking account that is used infrequently. The C-corp account is the main account.

It’s a big secret, but all of the various entities are controlled by someone near and dear to me. Not so secret, just ask the IRS.

managing prop. in trust - Posted by Danny

Posted by Danny on August 20, 2003 at 14:14:50:

I have heard people taking property sub2, or however, putting it in trust with someone else as trustee, then making themselves the property managers. LLC as beneficiary. Do you set up one checking account in your own name and manage all properties out of it? Could some of you pros explain how this works as far as the daily expenses…temporary power, painting, repairs, etc. going through me as manager, then into different trusts and LLC’s? Thanks.