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Updated over 5 years ago on . Most recent reply
Owning another business while investing in Rentals
Hey all, my father and I are looking into buying some rental property together in Columbia South Carolina. The question I have is if there is anything special I need to look out for as my father does own his own business.
By this I mean is there anything special we should do to protect the business from any real estate repercussions and vice versa? As well as any other advice you think I need to hear about this situation.
Thanks.
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Greg Dickerson
#2 Land & New Construction Contributor
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
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Greg Dickerson#2 Land & New Construction Contributor
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
The best structure is to set up an LLC that will be the member and manager/operator of each property LLC.
Always put each property in a separate LLC. This keeps liabilities limited to the property LLC