I am a relatively new investor and I could use a bit of advice…thanks in advance!
I am investing with 2 relatives and need help deciding how to transfer title/ get my fair share legally/ not upset the tax man.
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BOUGHT home by loaning my mother 20% down on a new home in CA (plus closing, hardscaping, paint etc ) Plan was for her to live in the property 1-2 years and we would sell and split the net profit 90/10 (90 to my wife and I as we put up all the money and work). Mom bought the home solely in her name… She now does not wish to live there alone and I am going to need to lease the place out for the next 10 months to satisfy the builder’s agreement + STCG/LTCG. Can I get away with just a Quit Claim or Grant Deed? What is the best way to deal with this for legal and tax purposes?
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BUYING a house in Florida with my brother. He will O/O and I plan to have him be soley on the loan. In this case we have agreed to a 50/50 split. I have other irons in the fire and don’t wish to be on the loan if possible. What are my best options as far as vehicles go?
Should I look at trusts? Partnerships? Inc?
Should I worry about equity trans appearing as gift funds?
How can I make a contract to ensure I not only get my share of the profits, but also get my Down, CC’s and property improvement money back?
Thanks…