Hm, I will definitely hire a professional. But assuming that the LLC is taxed as a partnership and not as a sub-S, I could buy the members' interest with another person, say my daughter, and preserve the partnership filing status. The reason I say all of this is that the 45 properties were purchased at various times over the last 30 years. Most of which were purchased more than 20 years ago. I am in California. I really do not want a transfer of ownership that would trigger a reassessment for property taxes. Under Prop 13 the current property taxes result in a tremendous annual savings. If you think I am somehow wrong on this, I TRULY appreciate any perspective you care to share.
Regarding the loan, I am not concerned about the lender demanding the loan due because membership interests changed. While they probably could (I have not looked at the loan docs yet) it is unlikely if they are receiving payments. That has just been my experience. Once again, any thoughts are appreciated.
I really appreciate all of the thoughts. I cannot begin to tell you how helpful you comments are to me. The comments and suggestions have greatly aided my analysis of the purchase. It is scary, but exciting too. Thank you!!
