New Rental Business in Wisconsin

[Cole Marschke]

My wife and I are jumping in. Should be closing on our first two SFHs in the next few months. We've started an LLC, registered for Fed EIN, planning to open business checking. Will probably use BP tools to figure out a rental agreement. What are we missing? I'm told by my banker that the mortgage will need to be in our personal names. The houses will need to be titled in our names initially then we can pay to have them transferred to our LLC. I really want to keep the rental business separate for tax and liability purposes. Any recommendations are appreciated. We are in Northcentral Wisconsin.

[Scott Schultz]

you only need to take title in you name if you are using conventional secondary market financing. you can and the bankers prefer you take possession in your entity if using commercial financing.  with regards to Property managers, will you be investing in Rib Lake? the PM I use out of Wausau  may service your area, they do as far as Woodruff for me, they also have lots of units on Merrill, Rib Lake is not that far out I use ABCRPM, also I think there is a broker that does PM out of Medford.  Good Luck to you.