Could someone give me a high level overview of the process for setting up a land trust?
For example: turnaround time to get it done.
Need a RE lawyer or not
Thanks in advance for the responses!
Mike
Hire a qualified attorney to draft the trust document and prepare the deeds. You could probably use the document in future purchases as long as the property is located in the same state.
Before setting one up, I would ask WHY you want one. In my experience, the supposed benefits of land trusts (especially for holding, as opposed to flipping) property are grossly exaggerated and do not justify much hassle. As an attorney, I could set them up for my rentals (around 40 units) with less cost & hassle than just about anyone else out there - and I do not bother.