Rental income go to LLC while owning the property personally?

[Michinori Kaneko]

Hi,

I have an agent that I use that invests personally, and she has the property under her trust, but all her rental incomes/expenses goes into her LLC, while both the LLC and the trust are wholly owned by her. My situation is slightly different in that 1) my LLC is multi member between my wife and I, 2) the loans I have on the property are conventional loans (can be called if the title transferred) under my name.

Does anyone know from tax and legal purposes if there are any issues with owning the properties under my personal name (some properties are under my name only, and some are 50/50 between my wife and I. All mortgages are only under my name), while having all the incomes and expenses run through LLC owned bank account? I see a lot of questions about getting conventional loan then quit claim the property into an LLC, so was wondering if there is an issue with this method (which eliminates the risk of bank calling the conventional loan). Thank you for your help in advance.