Foreigner buying condo for summer use and investment

[Ayse Yesilyurt]

Hi,

We are foreigners not living in the US who are interested in buying a condo in Michigan, as we have ties in this country (lived here many years) and visit most summers for 1-2 months. The property is around 200K and it will be a cash buy. We also have a young son (9) who is a US citizen who may want to go to school here when he grows up. In order to pay for taxes and HOA, we plan to rent it in the remaining time. We will most likely hold the property for several years.

The question is, should we buy it with an LLC to limit our liability, if renting?

Is there any benefit of including the son in the LLC (as a non-managing partner?)?

We heard about FIRPTA, we will pay for property taxes of course but 15% withholding still sounds very high - any way around it or is is easy to claim it back if we have taxes paid?

Any other advice?

Thanks!