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So we maybe setting up a rental property (SF home in Florida.) We plan to have a management company handle everything.
Does anyone know the pros and cons for a LLC vs a Land Trust ?
Is this only for a single property ? If so I think you could probably do everything with just an LLC. Are you planning major expenditures like rebuilding / refurbishing ?
Also if you haven't already I'd seek professional advice, like a tax attorney who can help you understand issues around taxation, etc..
California here. We own everything through trusts created decades ago for estate planning purposes. For newer investors, LLCs seem to be the preferred choice.
IANAL and especially not a FL lawyer. There may be some local regulatory consideration that favors one approach over another.
We (my family) have everything under a trust, 4 properties 11 units here in LA.
I have 3 properties under a LLC myself. Best advice would be to consult a tax attorney.
@Creditplz wrote:We (my family) have everything under a trust, 4 properties 11 units here in LA.
I have 3 properties under a LLC myself. Best advice would be to consult a tax attorney.
Keep in mind there may be factors other than taxation.
For example: Assembly Bill 1482 regulates rent control in much of California. How a landlord holds property (trust vs. corporation, even one LLC vs. another) can (in somewhat limited circumstances) affect whether or not AB 1482 applies to a property.