My question involves business law in the state of: New York
I have two questions regarding LLC ownership of rental properties for personal liability protection.
1) What is the proper way to take an existing rental property that one personally owns, and transfer ownership of that property to an LLC that you also own?
2) Same scenario above except, you are buying a brand new rental property. Is it best to have the LLC buy the property itself, or to buy the property personally and then transfer ownership of the property to the LLC.
Thanks very much in advance, not looking for anything crazy specific, just trying to get a general understanding of how this process.