Legal Question in Real Estate Law in Pennsylvania
New home and old one becomes rental property
I currently have a home and am buying another one and will rent out the old home. I want to put the old home some type of corp to provide shelter in case of liability issues. Does this all have to be done before closing or can I wait until after to just transfer the prop to the corp?
1 Answer from Attorneys
Re: New home and old one becomes rental property
You should put the first house into a corporation before you rent it out. However, since you will be unable to rent it until you vacate it and move into the new house, it sounds like you have time. Consult with your accountant first to be sure what kind of corporation is best for you -most people are using LLCs but that is not necessarily the best for you to do so check with the accountant before reaching a decision.
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