Sole Prop LLC & Spouse

[Account Closed]

Hello BP, 

My wife and I currently own two rental properties in our own names. We are now in the process of purchasing our 3rd with the plans to BRRR it and refi into an LLC. We live in Pennsylvania.

Well, I went to legalzoom and setup the LLC today and am afraid I rushed into this without doing my proper homework. I setup the LLC in my own name as a sole proprietorship LLC, thinking this would simplify taxes and paperwork. Now I am afraid this may cause issues when attempting to refinance into the LLC if I am the only member of the LLC .

1) Is the single member sole proprietorship LLC an issue if my wife and I want to refi a cash purchase into the LLC and still file our standard taxes jointly?

2) I read that the sole prop still allows room for spouses to be involved to some degree. Will this setup cause any trouble with us maintaining our 'share it all' approach to our marriage in regards to the LLC's assets?

3) What is the preferred setup for a married couple who plans on continuing to invest together (when one of them is much less involved)?

Any input is greatly appreciated!