How to properly use my LLC

[Steve Bruza]

My wife and I have a member managed LLC for about ten years. We own two rental properties in the name of the LLC and we own 10 more rental properties in our personal names. All of our properties have mortgages on them with the two LLC properties having commercial loans. All of our leases are managed by the LLC. All rental income and expenses are processed through the LLC bank accounts. Should I attempt to move all mortgages and deeds into the name of the LLC or just keep doing it the way I am and not be concerned about how the deeds are titled? We are protected by very good insurance policies on all properties. Moving forward, we will not be able to purchase any more without larger down payments. I appreciate any thoughts.

Steve

[Natalie Kolodij]

Originally posted by @Steve Bruza:

Are you saying the LLC cannot provide management services to the other ten properties?

The LLC COULD manage them technically- are you paying yourself management fees?

It's not providing any asset protection to those properties though- which the the purpose of the LLC.

If you're just running income/expenses through an LLC- that's not a management company, that's intermixing funds from your LLC and it's assets with your personal assets.