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Updated over 1 year ago on . Most recent reply
Real estate rookie taxes
Hello all-
Sorry for the novice question. My brother and I own a home without a mortgage and want to start doing short term rentals. From a tax standpoint what is the best way for us to set up with an interest to scale relatively quickly. Do we need to put the house in a combined LLC? Thanks in advance! Eager to learn.
RG
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Bjorn Ahlblad
#5 Multi-Family and Apartment Investing Contributor
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#5 Multi-Family and Apartment Investing Contributor
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- Shelton, WA
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Bjorn Ahlblad
#5 Multi-Family and Apartment Investing Contributor
Pro Member
#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
@Ryan Galloway welcome to BP! Congrats on going into REI business. Having an LLC with a name, bank account, cheques, credit cards and you both as members makes things a lot more orderly and business like. I would recommend that. You can do it yourselves on legalzoom or have a lawyer draw it up. All the best!