Converting Rentals from Personal to Business (LLC):

[Jake Walton]

Hey all -

We're at the stage where we now have 2 long-term rentals and we want to convert things into an LLC to clean things up starting in 2023. I'm seeking advice on converting our rentals from personal bank accounts/names over to a business. We manage the rentals ourselves, but everything is still in our personal name (leases, mortgages, banking). What tips/advice can you share about this process? Things I'm curious about:

• Business Bank Account / Credit Card
• Transfer of Title: Quitclaim deed?
• Any addendums needed for current tenants to sign as we move out of our name?
• Best Finance / P&L Software for tax purposes
• Anything else that you've learned along the way.

I appreciate any insights in advance from those who have gone through this process and hope this post can start some dialogue in the comments that will benefit others in the group down the road as well.