Posted by Kevin Subbert on November 23, 2000 at 23:51:11:
Since you already have tenants why not do a PACTrust. You could then go to your tenants and ask them if they wouldnt mind re-writing their lease in a manner that would give them the benefits of ownership, mainly the tax benefits. In exchange all you want is $xx.xx more in rent and for them to be responsible for all the maintanence and repairs. Thus increasing your cash flow and eliminating the late night phone calls. At the end of their lease they would have the option to re-fi, renew their lease, or leave. It will also be easier to evict in the event of default. As far as structuring it on paper, there are already services available that will do it for you, for the most part anyway. If you want to do it yourself go to landtrust.net for more info. I am not affiliated with them in any way.