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Depends on your state. I've successfully done it in Ohio, in Maryland it's more difficult you have to buy 79.9% of the entity year one and the remaining after 365 days, but technically you'd still be exposed.
The bigger benefit I've found is around avoiding recording a deed with a purchase price that may be 2-3x the current assessment
Yup. This. As an example, in DC a 50%+ purchase of LLC ownership is considered a transfer and taxable.
Could you expand a bit on the strategy you used? This is actually specific to MD. Why would you technically still be exposed? You are referring to exposure to the State coming after you? How would they if you are legally pulling it off?
Because the transfer cannot be contemplated. The last 21.1% get's transfered through a deed in lieu on a loan to the Seller that was at purchase.
You should really hire a lawyer for this not a forum.
When I was working on this in Maryland (we didn't go forward), not every bank and title company was totally comfortable with the transaction.
Thanks. I'm really just trying to figure out the mechanics and feasibility before bringing it up to higher ups let alone partners.
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