Hi all, I recently purchased a property out of state. Initially it looked like we were going to take out a mortgage, but I ultimately decided to purchase the property all cash in the end. As a result of the late change, I did not form an LLC because I knew the lender would never agree to let a newly-formed company open a line of credit.
To those who have transferred a property to an LLC, would you mind sharing some of the basic steps you went through with a lawyer and the deed etc. Relative costs also. Also, any implications for forming the LLC in my home state (New York), and the property being in another state?
I know there are a lot of opinions on this topic, so I am not looking for any absolutes, just some anecdotes and helpful advice. Thanks!