Strategy advice needed

[Luc R.]

Hello all,

I new to this and need your opinion. We own rental property in a residential area (not held in an LLC), but we are barely breaking even with less than 1000/year. We like to sell and buy a turnkey property, and keep it in an LLC.

The property rental income adds to our day jobs income and set us into a higher bracket where we pay lots of taxes.

Should we set up an LLC and hold this property before selling it off and purchasing a turnkey one?

Bits of advice on taxes and strategies are welcome.