Do I need an LLC to get my second property?

[Emmanuel Cano]

One block from my house there is a property that I think is a very good deal, and my idea is to rent my first house and buy that property and move there, that way I could apply for some government programs and just pay 3% interest on the down payment, my question is, #1 can it be done? #2 and what legal processes to follow so that everything is legal with my first property that I intend to rent if someone can advise me I would appreciate it.

[Megan Templeton]

Hi there! @Emmanuel Cano

I would definitely recommend working through an LLC for your new property For LLC formation, you have a few options: you can work with a document provider like Legal Zoom, do it yourself through forms on the Secretary of State website, or go through a traditional law firm. I recommend going the law firm route. Trying to do the forms yourself the first time could be confusing and you may not be aware of all the wording needed in the operating agreement, the annual compliance costs/requirements/etc. Using a document provider like Legal Zoom may work in some cases but the docs are templatized and not set up to be individual to your business or scale well. You also wont have a team to guide you as your biz grows or how to stay compliant. I recommend a traditional law firm so you have an advisor from the start and as you grow, they can customize your set up, and help tackle any issues that come up as you go. I'm a consulting attorney with Royal Legal Solutions and RLS is a good option to check out as they offer the services you would need.