Commercial Purchase many options how to move forward
Hello,  looking for some advice.  

I’m an American living overseas.  My family (parents) are looking to sell commercial property in NY state.  I am looking to purchase it.  It’s 4 story.  Six apartments 6 commercial spaces.

Building is owned by LLc.  I would pay cash deposit and owner finance.   

What’s best way to proceed?   Buy the LLC with property.  Separate the property and LLC.   Tax implications and ownership?

I’m having a lot of trouble finding a real estate attorney in area while overseas.

Thanks for some advice.
[{"id": "ijwn82c", "text": "Well you probably want a real estate attorney to complete this but I would imagine they have owned this for a long time and will owe quite a bit in capital gains once they sell so your payment would all go towards that or even leave them with money owed.  I would look at having them gift the apartments to you with attached seller financing (to reduce the equity amount of the gift).  Provided you don't plan to sell it for some time (the cost basis would remain as it is now) it would end up being a wash vs. you writing a fat check.  Just my $0.02\n\n&amp;#x200B;\n\nFor example -\n\nCost basis = 100k\n\nValue = $1M\n\n&amp;#x200B;\n\nSituation A - You write check for 300k and get 700k seller financing.  They end up paying for $900k worth of gains so that 300k disappears for the most part.\n\n&amp;#x200B;\n\nSituation B - They add 700k mortgage on the property from themselves to the LLC that owns the property, gift you the LLC worth $300k ($1M less 700k mortgage).  No tax owed and you pay them $700k over some period of time that is stipulated in the mortgage.  Negative is that if you sell you owe that liability on the $900k, there also could be a reduction in your depreciation schedule vs. you buying outright.\n\n&amp;#x200B;\n\nDefinitely other things to think about, i'm not a lawyer but i have seen a similar maneuver done a few times by rich ppl", "replies": [], "depth": 1}, {"id": "ijz81o7", "text": "Before they sell, they should consider putting their commercial property into a trust.  If they do that, they can legally avoid paying any capital gains taxes on it and without having to do a 1031 exchange.  I'm a real estate investor in FL.  I use this strategy in my business as I buy and sell real estate", "replies": [], "depth": 1}]