Hi Clint, could you please make a video on how to structure the LLC as a PML and HML? Can it be in under one LLC or they should be separate? Thank you ♥
Is TIC the right move for “permanent” buys. Example 2 brothers buy a 100 acre farm to build houses on opposite sides and live on with 1 brother taking 70% ownership with the other 30%. I thought I seen a video you did years ago talking about this that I can’t find on how you can even setup pre identified partition lines in the TIC during closing in case one person has to sell their portion due to getting sued, divorced, cancer, etc. also including right to refusal to give the other brother first dibs on property if it goes up for sale. And Are the portions of the property protected if they aren’t technically divided prior to a lawsuit. Hunting leases sound similar and come to mind to but know even less about that.
In a TIC you do not have asset protection unless you set it up with LLCs as the TIC owners. Further a TIC does not have pre-identified areas in general but you can attempt to identify the separate nature of the relationship by placing a parenthetical notation on the deed as to the separate address held by TIC owner 1 versus 2.
It can yes because each person is an owner of the asset however, if you turn over the management to one of the parties then this could be a potential security issue. Best to run it by a securities attorney.
Clint how do we file taxes , we have a commercial property, trying to do 1031 exchange when it sells, we were told we need 2 tax filings 2023, 2024 , in order to do 1031. This was LLC prior, 2 partners 50/50, we have switched over to TIC.
