Condo for Mom and Dad

[pmaior]

What is the name of your state? NJ
I purchased a condo for my Mom and Dad together with my Brother. All Cash (No Mortgage)
What is the best way to manage the property once parents are moved in ?

 

[Zigner]

What is the name of your state? NJ
I purchased a condo for my Mom and Dad together with my Brother. All Cash (No Mortgage)
What is the best way to manage the property once parents are moved in ?

Yours is not a legal question.
What exactly do you mean by "manage"?

 

[pmaior]

So, what legal entity do you recommend. LLC , Joint Tenants ?
I have a bunch of expenses from Rehab, How would I handle those, I know that is a tax question probably.
Right now title is held in a land trust with my brother and I as 50/50 beneficiaries.
Should I charge rent ?

 

[Zigner]

I think that you ought to seek local legal advice - there are a bunch of moving parts and you don't seem to have any grasp of any of them. That's NOT meant as an insult - it's just an observation.

 

[pmaior]

If I wanted to Pay a lawyer, I would not be on a site seeking free advice.
I'll move on to a different site that knows how to answer questions.

 

[Zigner]

If I wanted to Pay a lawyer, I would not be on a site seeking free advice.
I'll move on to a different site that knows how to answer questions.

The problem is that you don't even know what questions to ask, nor how to ask them.

Best of luck to you on whatever site you land on.

 

[xylene]

If you have this kind of cash on hand, then you can afford professional advice, which you and your brother desperately need.

 

[xylene]

No to mention the consideration if an outright cash purchase IS the best way to proceed...

 

[FarmerJ]

SO did you get the unit insured as if you were a absentee landlord ? ( That is what you are now) Treat it like a rental property even if you do not get market rate rent from your parents.