Posted by John Merchant on July 19, 2007 at 07:31:56:
If it were a home you intended to live in, normally you’d buy it in both your names.
CA is a community property state so the law would automatically make any RE bought and paid for w Comm. funds, Comm. Prop.
But since it is a rental, you might want to have title put in name of an LLC you both own for liability purposes so as to shield both of you from personal liability.
If you’re financing the new rental, the lender would probably initially require it to be in both your names individually…but then sometime after the house is bought, you could then deed it to the LLC without much fear of a DOS foreclosure so long as you both continue to make the payments.