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Updated over 1 year ago on . Most recent reply
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Placing rental property into LLC so room leases are captured in one lease?
Hello all! I'll detail my situation with a quick overview and what I am wondering is possible.
I currently own three properties. Two are single family rental units. The third is my primary purchased this year. The third home I rent out bedrooms, and after one year of ownership I intend to purchase another home as primary residence.
My lender said I should have one lease vs the multiple roommate agreements to qualify the income for DTI come next year. Would I be able to put the home into an LLC and then rent the home to my own LLC so that I can capture one lease contract with the LLC that I own to qualify the income? The LLC then would lease to the roommates.
Thanks in advance!