Investing/Property Management Business Questions

[Paige Kuhbacher]

My husband and I recently purchased our first investment rental property. This was done in our names. We also started an LLC and have been operating the business to manage the property.

Any insight on the following questions would be very helpful. Thanks!

1. Do we need to "pay" ourselves as members (de facto owner/operators without employees) of our LLC? If so, how much/do we need to file payroll taxes as self-employed?

2. Can we pay our mortgage and utilities through the LLC bank account although we personally own the property?

3. Since we collect rent through the LLC, how much money should we transfer back into our personal account? Can we effectively view it as though we are "paying" the LLC for property management?

4. Can we use the LLC to fund maintenance costs? Would that require reimbursement from our personal accounts?

5. Does anyone have experience with transferring ownership of property to an LLC?