Posted by sp on February 25, 2009 at 19:32:05:
ok buying a house from a long time family friend who is helping me and my partner get started in RE investing. he is going to owner finance the property for us with a 5 year balloon with a right to extend for 3 years just incase the maket still sucks. it is free and clear. i want to put it in a florida land trust and make the llc the beneficiary. question 1. are there any closing cost involed in a transaction like this? im guessing not because the legal title would be the trustee(owner) and the llc would hold equitable title. we are trying to save the closing cost for now. they said the way to get around it is to do a lease and then do a deed for contract down the road to secure it better and get a warranty deed. how ever if we do the lease thing im guessing we dont get any tax advantages. heck im confused any help would be awesome.