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Updated over 5 years ago,
First Duplex - Owner Occupy - LLC or no?
Hello!
Looking for advice on possibly creating an LLC.
I'm closing on my first duplex in about 15 days. I partnered with a family member for this. I'll be owner occupying and managing the property, and the family member is providing finances for the down payment and closing costs.
My question is, would it be more beneficial financially to start an LLC before we do any repairs/rehabbing (ex: updating bathroom, replacing stove, etc) and renting? Or does it make a noticable difference if we don't make an LLC and just update the unit and then rent?