I currently have two properties in Arizona, one in Texas and 3 in Georgia. All are investment property with tenants in them (Texas does not at this time) with 2 year leases with lease/purchase agremeents (Georiga) and lease/option agreements (Arizona).
I purchased all in my own name and I am looking to seriously do some asset protection as there is much to lose at this point not only in those homes but also in my personal assets.
I recently created an LLC in Arizona (Single Member). I am married but I was the only one on this one. I don’t mind creating another.
I am reading all about the due on sale clauses etc…
If I could for Georgia and Arizona get some guidance. I would love to just pay off the loans on the homes with new mortgages in LLC’s with personal guaranteess if needed but the costs to do so might not be the best way of going about that.
If I transfer title to say one of the Arizona properties to the AZ LLC, I am to notify the insurance company as well correct? They would then contact the mortgage company correct which would throw up a red flag. If I did not let the insurance company know, would that not put any kind of insurance issue at risk of being protected?
I am new to all of this (I acquired all of these since November). Tenants are paying on time etc…but I need help now.
Steve