hello good afternoon, my question is
- what type of land trust is suitable for
a)rental properties
b)flipping properties for quick profit
thank you all for reviewing my inquiry
have a good day
It may seem like a flip question, but isn’t a land trust just a land trust? What are the different types of land trust that are available?
I’m sorry, that is what i want some clarity concerning. Maybe a land trust is just a land trust thanks for the reply
As I see it, flipping and holding for rental use are things you do with the property after acquisition.
Whether you plan to flip or hold does not seem to affect the title holding vehicle at all, even if that vehicle is a land trust. Holding in a land trust does not affect your plan to hold for rental use or flip.
Perhaps you have seen a reference to an “Illinois type land trust”. This seems to imply that there may be other types of land trust. In reality, Illinois is where the land trust as a title holding device achieved widespread use and became the popular method of property ownership… When investors in other states wanted to employ a land trust, they would direct their attornies to draw up an Illinois-type land trust that would meet their state’s legal requirements.
I may be wrong, but i don’t see that there are different TYPES of land trusts, but rather land trusts that are drafted specifically to conform to a state’s trust law.
Just my take.
thanks alot Dave T, your response has cleared up alot of misconceptions I had towards land trusts…
good luck in your business endeavors