First of all thanks to all of you that helped me in the past. I was new to the whole forum thing and thought you just posted a question and kept quiet. Now I see the light. :smile
Anywhooo, I have the property in a land trust, I am the beneficiary, I name the trustee, the owner retains 10% interest in the trust. I know I can sell it, but is making a TB a co beneficiary the only way I can do a lease option, sub lease, owner financing, etc.? Also, with the seller, can I use a regular lease and specify terms making it a triple net lease or do I need a completely different type of lease?
Gatten Trust… Not sure many here like these. You should talk to local Real Estate Attorney and have him review your trust to answer your question.
What you can do highly depends on the language of the trust. The Land Trust agreement/paperwork spells your rights and it is difficult, at least for me, to tell you what rights you have. In general, you own the house and can do what you want with it. But, the language in the trust dictates what you can and cannot do.