Form an LLC.....Yes? No? Maybe?

[Jeff Bisgier]

Hi Folks,

I was hoping not to have to write an new post about forming an LLC as there are tons of them on BP, but after reading through so many forum posts and reading articles on both BP and other websites, I'm more stumped than ever. For every 50 people who say "You have to form an LLC if you own rental properties", there's another 50 who say, "No, just get a good umbrella policy".

Here's my situation........My wife and I purchased a single family home in NY a year and a half ago and have been fixing it up (don't ask why it's taken so long. Many mistakes on my part plus a bad contractor). We paid cash for it. We have our first tenants moving in in 2 weeks. The only other property we own is the house we live in. We may look for another investment property in the future, but not right now.

So my question is, should we form an LLC?

Thanks!!