Announcement

Collapse
No announcement yet.

Renting a 24 Room Motel

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Renting a 24 Room Motel

    In an effort to hold real estate outside a corporation, has anyone had experience with clients renting a motel? The motel is charging approximately $60 per night/room.
    Currently sole proprietor owns and has operated as such. However, he is on his death bed and two heirs (children) will inherit. Trying to anticipate how to steer them.

    #2
    Depending on his will, it appears the children will inherit the business. They may wish to form an LLC to hold the ownership of the motel for various reasons, including liabilities, and that would entail a partnership return. For $60 a night, it can't be much. They may also wish to sell it and avoid the headaches of management. Whoever they consult for advice needs to know much more about its operational income and expenses, its potential for sale and development as other real estate property, and their individual financial/tax situations.
    Last edited by Burke; 08-01-2017, 01:21 PM.

    Comment

    Working...
    X