Question by J: What?s the best way for 3 people to buy an investment property?
We were going to form an LLC and buy it through there but someone told me that an LLC cannot buy property, and that one of the 3 people would have to buy it. Is that true? Can you then transfer the property into the LLC? Would you want to do this? How is this taxed? What is the best way to go about this?
Best answer:
Answer by Brooke W
Why not do an S-corp rather than an LLC? While purchasing property can be cheap in some markets these days due to economic conditions, you need to know it is going to be slow to turn it around, so you are likely looking into a buy and hold situation. You may not have quite the corporate veil that an LLC has, but you can own property under it. LLCs in some states can own property, in others they cannot.
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