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Updated almost 9 years ago,

Michael Otis's profile image
Michael Otis's profile image
Michael Otis
  • Investor
  • from Denver, Colorado
  • Member since Jul 22, 2013
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User Stats

38
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4
Votes
Michael Otis's profile image
Michael Otis's profile image
Michael Otis
  • Investor
  • from Denver, Colorado
  • Member since Jul 22, 2013
Connect
Michael Otis
  • Investor
  • Denver, CO
4
Votes |
38
Posts
Buying & Selling Real Estate

First Rental Property Financial Prep

Michael Otis
  • Investor
  • Denver, CO
Posted
I'm closing on my first rental property in a couple weeks. It's a 203k owner occupied. Does anyone have any advice on how to prep financially? Should I setup an LLC so I can have separate bank accounts or just have the tenant write me a check directly to me? Would it be beneficial to pay my rent to myself or the LLC and pay myself or just not at all? Any advice would be helpful. Thanks!
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