My brother owns a condo in Florida, and family members and I want to buy a portion of it. How do we do this?

Asked over 1 year ago - Durham, NC

We would like to turn it into a vacation rental for relatives and friends. Should we form a LLC? Should we choose a real estate attorney who is licensed in Florida and North Carolina?

Attorney answers (1)

  1. Brandy Ann Peeples

    Pro

    Contributor Level 19

    Answered . First of all, your brother would have to consent to the sale of his interest in the condo. Find a real estate attorney licensed in Florida.

    Prior to starting a business entity, you're also going to want to discuss issues like tax implications with an accountant. An LLC is probably the way to go, but you should be fully informed before you form such an entity. Assuming your brother is agreeable to the transaction, you may want to transfer ownership of the condo to whatever business entity you form. That way, you're shielded from personal liability in the event anything happens.

    DISCLAIMER: Brandy A. Peeples is licensed to practice law in the State of Maryland. This answer is being provided... more

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