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I currently am part owner of a rental property in Illinois and I want to take title to it myself. The title is currently fully under the other person's name (personally) and that person does want to transfer the title fully to me or an entity of mine.
I want to do it in such a way to minimize any transfer costs/taxes and to maximize privacy and asset protection.
My current plan is to setup an LLC which will be either the direct title holder of the property or which will be the beneficiary of a land trust which is the titleholder.
However, I would like to get some advice before I set everything up. This project is for a short discussion with an expert to figure out the best approach. Please bid accordingly.
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