Moving Rental into LLC

[Erick M.]

Have a few questions for those more experienced on here and would appreciate any advice. I've been renting out a SFH for about a year now. Currently have a tenant who will sign a new year lease in about a month. Have been advised by a few folks to move the property into an LLC. A couple questions:

-Will be looking at refinancing the property, the mortgage broker says it's ok to get the loan in my name since it's being noted that the property is an investment property and then to move the property into the LLC - thoughts on this?

-If I'm managing the property, should I conduct all business through the LLC (i.e. use LLC member after correspondence, in official documents, etc)?

-I've read some folks set up a secondary management LLC? How does this work and it seems like quite a bit of extra work and potentially an additional set of books, tax schedules, etc?

Thanks for the great information!

[Chrystal T.]

@Michael Peters, not really a good idea to put multiple properties under one LLC, otherwise it defeats the purpose of having an LLC unless you have very little equity in each of those properties and your assets are all hidden elsewhere.

it also depends on how your LLC is structured - will it be a single member one? If so, it will essentially have no distinction from you as an individual...

Large umbrella policies, an LLC management company, and land privacy trusts will be good... structure depending on what your primary concern is