Realestate LLC Set up Questions

[Hunter Schulz]

I am married and am the sole income earner(W2). My wife and I are planning on purchasing our first rental January 2021, and having 2-3 by the end of the year.

With that in mind we were planning on setting up an LLC and structuring our business with her as the CEO so she can then show income once we tip past the 10mortgages under my name. Our rentals will be in Washington state as well as out of state. I am looking for advice on real estate lawyers in the greater Seattle area to help me create this business structure or if other people have a detailed way to structure this so I can replicate it. Pros and cons encouraged. Thank you!

[Sherief Elbassuoni]

@Hunter Schulz, I am not an attorney, and I can connect you with my real estate attorney. These are just some ideas, not legal advice. There are many benefits of LLCs. Just keep in mind that LLC properties most probably will need the 20-25% down. If you will be investing in-state and out of state, I saw investors set up different LLCs for out of state properties away from their Washington properties. Only your wife or you and your wife can be on the LLC and still run it as a "Single-Owner LLC". I saw different LLC structures, but one of them is (one LLC as a holding LLC), (another LLC for buy/sell/hold properties), (a third LLC for property managing the properties). The first LLC will be holding the later two LLCs if that makes sense. There are different set ups, but this is the set up I personally like. I will PM you one of my real estate attorney. Again, this is just my opinion, but the attorney will walk you through the details.

Best of luck,