Owner Occupied duplex

General Real Estate Investing
1

I close on a duplex that I have fiananced as owner occupied on 7/11. I would like to incorporate and put the house in the corporations name but do not know if I have to wait some number of days after closing before I do this or if I would have to refianance to do it properly. I have financed the home through Southtrust bank with an FHA mortgage (3% donw). Any thoughts on how to proceed?

To be clear - my situation has changed since I initially planned on moving in and will likely not move in but will rent both sides

2

Consult with your tax advisor first. A C-corp whose only assets are passive income investments, is a personal holding company. I am led to believe that the tax rate structure is much higher than you would like.

Additionally, if the property is your primary residence, you lose the Section 121 capital gains exclusion on your sale profit if the property is owned by your corporation.