For liability reasons, many landlords choose to hold their rental properties in LLCs or corporations. Whether this makes sense for you is something to discuss with us, your accountant, and your favorite real estate attorney. Generally, we recommend that if a property is owned free and clear (no mortgage), it makes sense to own it in an LLC. If the property has a mortgage, though, there can be some complications to this, so you'll need to talk with an attorney to make sure your mortgage allows for a transfer without the loan being called due immediately.
Assuming you've done all of this and you've made the decision to transfer the property into an LLC or corporation, you will then need to update us with the transfer so we can get your tax documents and everything else properly handled for your property. We will need a copy of the deed transferring ownership of the property, and some basic information about the new LLC or corporation such as the entity legal name and tax ID. Please submit that information using this form and we can get the process started for you.
