moving my rental propery to an LLC

by Alesia
(Columbus, Ohio)

I currently have a home that was previously my primary residence. I have moved and now use the first residence as rental property, can I be a part of an LLC and move my rental propery under the LLC versus as a personal property item?

Answer

Yes, you can.

You can simply use a quitclaim deed to transfer the property from your own name to the LLC.

A couple of things to consider. First, if you have a mortgage on the property, the transfer to the LLC might trigger the mortgage's "due on sale clause", and you'll be forced to pay off the entire mortgage at once.

Some lenders will work with you to permit the transfer to the LLC, while having you remain liable on the mortgage.