Since my employer has nixed my transfer to another area of the country, I will in a house that I bought when we first moved left. My plan was the relocation has taken place, the house was to be used as rent. Since I interested in buying and renting homes have thought about my home would be one way to learn about the entire process. However, I have an LLC in which such property managed.
Part the incentive package provided to those who will remain in this area make a generous housing allowance to cover the increased cost of housing in the area. Thinking about moving into an apartment that will be covered by the allowance, and procedures to form an LLC. Can I quit claim the home to the Company and the lease to another person? If for some reason I had trouble finding a tenant, can I hire me?
Reply:I would think you might have issues with your employer as well. If you were to rent from yourself, this could easily be contrued as fraud. I've seen it happen before when my compnay was doing alot of moves.
Also, you'll lose your homestead, but that might not be that big of a deal.
Reply: Wouldn't a "due on sale" clause be potentially tripped if this occured?
Potentially? Yes.
Likelihood: Somewhere less than slim.
800s
Reply:Wouldn't a "due on sale" clause be potentially tripped if this occured?
Reply:My question about renting to myself refers to whether or not I can pay the corporation rent while waiting for a tenant i.e. I form LLC, quit claim home in April, still living in house in May and renter not found until June. Can I rent home from LLC in May? My main goal is to take advantage of the opportunity to have the mortgage paid down using someone else's money & having my housing expenses subsidized. Just not sure of the best way to do so. Also, want to make sure whatever I do is legal.
Reply:Explain your thought process a bit more. Why would you want to rent to yourself?