Real estate rookie taxes

[Ryan Galloway]

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

[Bjorn Ahlblad]

@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!