Landlord Question and Answer Forum

Hello My husband and I own a property in Montana with our 2 sons, we need to set up LLP , which looks easy form the Montana website and then go to the government website to obtain a tax id I am looking for an Operating Statement template to use ans a guideline to set ours up,,, and some suggestions,,, I plan on a 48% VS 52% , parents with more as we need to be the overall deciding fact on the well being of the property. The goal is to get the boys where they can refinance in theri own names , ballon in 5 yrs hopefully, pay us back what we have provided in down payments and the overall start up of the property and move on and with a hug and kiss and we as parents have then provided them with a good start in life Does anyone have any suggestions or feedback? Thanks Karen

I would suggest speaking with a real estate attorney in MT! They would be able to help you, give you the best answers for such a big purchase.

Posted by karen s, WI on Monday, March 25, 2013

Thank you I have already , they gave me the information to file for the LLP & how to get a Fed Tax ID. I was looking for some guidelines perhaps for and Operating Statement form parents that may have already gone thru this. We have already made the purchase with them, I have a household agreement , but not formally filed with Montana as of yet.

Posted by Karen C, VT on Monday, March 25, 2013