Wisconsin LLC for Rental Property

[Mitch Jorgensen]

Hello All!

I am currently house-hacking a duplex and plan to purchase another in my area within the next 6 months. I would like to understand the steps behind setting up a LLC.

- What is needed to register an LLC in Wisconsin?

- What is the process behind transferring the ownership of a property (owned by me) to the LLC once it is created?

- If I plan to purchase other properties in the future, how should I structure my LLC? Should there be multiple LLCs for each property with one overarching 'Master' LLC?

Any feedback would be appreciated - I am just starting to research this topic. 

Thank you! 

[Rebecca Knox]

You can set up the LLC yourself on WDFI site and your own EIN. Also, Atty Taylor Rens is local and can assist. I am assuming that you are getting a loan in your personal name and wanting to move in to an LLC. Many investors quit claim it to their LLC even though the note could get called in if the bank finds out but most mortgage officers will say they have never seen this happen if payments are being made on time. The argument about creating an LLC for each property vs multiple is subjective. This topic has been brought up in our investment club as well with great arguments on all fronts. Another thing to be mindful of is your accounting bill as many accountants charge per LLC.