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Updated over 3 years ago,
Reclassing a property
HI everyone – we are thinking of reclassing our "vacation property" that we have done short term rentals out of for the last year, to be owned under an LLC. In November we will have owned the property for 1 year. Our closing attorney suggested we only add the LLC to the home owners policy rather than taking our names off the insurance policy when we reclass the property. Question, any tips or suggestions on this type if reclass. I have heard the mortgage holder can "call the loan due" but that happens seldomly. Please let feel free to share any wisdom on this topic. Also – side note, I have been a bigger pockets fan for 3 years now and it has motivated my wife and I to FINALLY purchase our first investment property last year. It has done so well we are about to close on another. This community ROCKS!! Thanks to everyone for your input and motivation it is truly amazing (John – in the Richmond, VA Area)