Real Estate partnership? Corporation?

[beener]

What is the name of your state? IL.

My 4 brothers and I inheareted 3 rented apartments. All our names are on the title. We plan on keeping them, so they pay them selves off. We plan on refinancing.
My question is, What type of buisness/partnership/corporation, do we need to form that allows us to each get take 25% of the morgague responsibility??? I have the best credit and don't want my name on a $100K loan by myself while their just on the title.
Thanks

 

[Brendan Galliga]

You could form a partnership. then you would have to transfer the title on the property over to the partnership.

 

[seniorjudge]

What is the name of your state? IL.

My 4 brothers and I inheareted 3 rented apartments. All our names are on the title. We plan on keeping them, so they pay them selves off. We plan on refinancing.
My question is, What type of buisness/partnership/corporation, do we need to form that allows us to each get take 25% of the morgague responsibility??? I have the best credit and don't want my name on a $100K loan by myself while their just on the title.
Thanks

There are lots of different avenues for you.

First, consider getting a lot of good liability insurance plus a million dollar umbrella policy on all of the properties.

Second, taxes are important also. Talk to a good tax CPA.

Third, as far as the business organization goes, I like corporations. However, you really need to talk with a business organization attorney in your state.