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Updated over 2 years ago,
Employ Adult son to manage rental property
Hello,
I am newbie and need help. I do have 2 rental properties. Can I employ my 18 year old son to manage these properties, pay him (put that in his College fund/IRA) there by reducing my tax liability on the rental income? If so, where do I need to start ? Should I open an LLC to do the same ? Any pros and cons?
Thank you for your inputs.