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I'm not exactally sure on what my part of this is..
Story is I helped a family for nearly 15 years with their Dad.
He left me a few Condo's in his will. Mostly 3- 2 bed 2 bath..
one in Boca worth over 650,000..
I havent met with anyone yet,lawyers and such..
What would be my best bet... I dont want to sell..
Don't do anything until you speak with a lawyer and possibly a CPA. You will probably be subject to taxes and if the gentleman you cared for has a family, they may contest the will. Best wishes to you.
Absolutely talk with an accountant and a lawyer. You don't want to make any decisions that you will later regret.
I assume you plan on renting them out since you state you don't want to sell them. Do you have any experience with being a LL? Don't assume it is easy and the money just rolls in.
Sorry for your loss, but have to also say congrats. That just felt wrong, but you know what I mean. By seeing your post count against your reps, you're either very smart or very nice, probably both. I'm guessing you deserve this wonderful gift, and I'm hoping the family agrees. It was his wishes, they should remember that. As you can tell I have nothing else to offer as others posted what I would have.
Hope you keep us updated, as I for one am curious about what his family will say/do.
Don't do anything until you speak with a lawyer and possibly a CPA. You will probably be subject to taxes and if the gentleman you cared for has a family, they may contest the will. Best wishes to you.
Good advise however you need to find out what management company handles them, contact them to find out what you need to do to get the rental income headed your way. In addition, contact the HOAs so you can find out the status of the HOA dues, non payment can result in, not only liens but possible foreclosure. As others have said being a LL is not just sitting back and letting the cash roll in, if they are short term rentals the work just increased 3 fold as the wear and tear is out of sight.
Don't worry about insurance, if they are condos the HOA carries structural coverage as part of their quarterly fees. Being rentals there probably is a policy covering the contents along with liability insurance.
Lawyer up fast as you know anyone even remotely related to the person is going to object/contest, whatever and come after you. That is only a matter of time. Also you need a legal status check on the places. Mortgages, notes, rental agreements, deed restrictions, taxes owed, etc.
Congratulations (maybe) or your inheritance. As mentioned, until the personal representative or attorney that is handling the estate contacts you, you likely do not have to do anything. There could be lots of legal issues that may need to be ironed out. You should not have any tax consequences, any taxes will be the responsibility of the estate. However, if there is any liability (mortgages, back taxes, etc.) those will have to be cared for before you can take title. Again the estates responsibility.
The value of the properties needs to be determined at the time of transfer to you. Which could be days or years away.
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