Q. I've got a subject to deal that I plan to keep for at least 1 year (will be finding a l/o tenant buyer). How do you all typically take title to and manage keeper property? I was going to use a land trust, with my LLC as beneficiary. However, I wondered if maybe I should use a separate entity, like my scorp., as property manager.
Disclaimer - I understand you all aren't attorneys and don't give legal advice. I'm just wondering what you typically do in this situation.
A. We have ours set up almost exactly as you describe. Property in trust, beneficiary flows to LLC. We actually use our LLC to manage properties but the name doesn't show up anywhere. Our lease docs say T Winders as agent. I serve as an agent for the owner if anyone asks - but they do not. That way I can be an agent for the trust, LLC or whatever. Which means we really do not have a management company.