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Updated over 4 years ago on . Most recent reply

Putting Properties form personal name to LLC
As I move into 2021, I plan to put my properties in LLCs - they are currently in my personal name.
Yes, I know to get in touch with a local attorney based in real estate law - I plan to do so to help set up the LLCs but want to hear from you the individual investors.
Quick background: I get W2 income from being a Registered Nurse and am a licensed real estate agent
I plan to put the properties in LLCs basically for the asset protection. To reduce my liability if negative events took place at a property with a tenant.
Some questions I have:
1) Do you put each property in a separate LLC? Also, do you have a separate "main" LLC that each "property" LLC pays too
2) I know all about tax depreciation and what not, but what is the biggest difference in taxes when a property is in a LLC vs personal name
3) have you had difficulties in refinancing when a property is in a LLC and have you had conversations with your lenders when you transition the property
4) Do you get each LLC insured or is there a umbrella policy?
5) are there any unexpected costs or annual fees you didn’t expect?
6) Does anyone deal with putting rent income into a whole life insurance policy
This is a smaller portfolio. 2 SFHs and 2 duplexes.
Would love to hear experiences from other investors and what I should know! Any advice is appreciated. I am based in Kansas City, MO. Thanks
- Steven May
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