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Updated about 6 years ago,
BP Bellevue WA referral // tax/ LLC/ advisor
I am about 1 year into investing remotely ... I looked through some posts but looking for some advice. Here is my situation...
I live in WA state and have a home, my primary. Seattle has exploded since I purchased and that home has increased in value an incredible amount. I also have another weekender small home in Wa state. Both of these properties are financed from bank and all is good there.
I have 3 properties in Nashville that are all rental investments and 1 of which is financed.
My biggest concern is to protect my primary home so I went down the path of setting up an LLC. The effective date of the LLC was Jan 11, 2018 but it took me a while to get everything set up in Nashville so just recently the two financed investments there I transferred the titles into the LLC in Oct. I technically didn't get it set up in Nashville until that time.
I set up a bank account for the LLC and deposited $1000 into it but no other transactions have been made so far. Aka since it took me a while an waiting for paperwork to go through.
Finally to my question.... I am rethinking the idea of the LLC and just relying on insurance covering me if anything does happen. The costs of the LLC seem to be increasing at each step and the accountant wants $1500 to do my first return. Regardless of the amount I am reconsidering the LLC and seeking advice on either strategy. If anyone has a referral to someone that could help it would be amazing.
1- Should I dissolve the LLC and eat the money to set that up?
2- I do want to buy more non- local rentals and currently seeking / researching.
3- if the amount of my primary gain is significant enough how can I protect against someone coming after it?
4- Since I "did" set this LLC up if I do not have any "business" with it what is the lowest cost form of accounting?
5- Can I put an LLC on hold until I decide without costs?
6- I appreciate any and all advice :)
Thank you in advance.
Kris