LLC for Rental property

[Jonathan Forisha]

Hi Robert!

It’s smart to think about tackling the LLC formation at this point, well ahead of when you plan to start renting out the property.

We’ve written a few articles about LLCs for landlords, and this one’s a great starting point: https://www.turbotenant.com/blog/llc-for-property-rentals-protect-your-bottom-line/

Hopefully that helps you out!

turbotenant.com

LLC for Property Rentals: Protect Your Bottom Line

A Limited Liability Company (LLC) can protect a landlord's personal assets, increase your business credibility, and unlock tax benefits.

[Harrison Stevens]

From my perspective it comes down to a few factors

1. Risk – what are you risking personally by having your own personal financial assets at risk. If you get sued are you risking alot

2. Long term plan – if you are trying to go into the rental business for a long time and may own multiple properties, long term protection feels like a good idea to me.

3. How much personal info do you want your tenant to know?

I personally have gone both ways and had no issues… because I had no issues. I think for future properties I will probably setup 1 LLC to manage multiple until the total assets are too high to risk 1 tenant going after all of it etc.