Single Member LLC vs Multi-member LLC (spouse)

[Scott Goulet]

Hey BP, 

I hope everyone is doing well. I am in the proess of completing a cash-out refi on a triplex that I own, and I thought it might be a good time to transfer it from my personal name to an LLC.

My realtor is suggesting we do a quit-claim deed after the cash out refi is complete. 

I am wanting to start and LLC, but i have questions from two perspectives:

1. From a tax perspective in Florida, is there an advantage either way.... just myself on the LLC or my wife+me

2. From a property buying perspective, does it matter if we are both on the LLC or not? eg we should be able to both get 10 mortgages/properties in each of our names. If we are both on the LLC's, would that limit us to only 10 between the both of us?

I appreciate all of your help! 

Scott G 

[Kamil Baldyga]

Hey Scott! As far as the tax advantages, definitely reach out to an accountant in your state. Generally, if both of you are on the LLC, you get to split the tax write offs as opposed to just one individual. But again, consult a tax professional. In regards to amount of properties you can buy, LLCs have no limit to how many properties can be purchased in that entity. However, lending tends to have higher rates for LLCs.

Hope this helps!