I was interested in placing my multi-unit property in an LLC. Two of the investment properties are 4 units each while the new one I am acquiring is 27 units. Loans were taken under my name. Is there a way to transfer this to an LLC?
Answer
You certainly can do it. Doing it is simple. You just execute a deed from yourself to the LLC. The hard parts will be working with the lenders to restructure the financing arrangements (shouldn't be too hard) and doing it without adverse tax consequences (the harder part). This is something that is going to require hiring legal counsel. I STRONGLY recommend having counsel work with you on this WELL in advance of closing on the new acquisition.
Answer
Yes, simply. But you may want each property on a separate LLC.
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