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Updated over 6 years ago,
Property Management Rules? LLC?
This may be a dumb question but I want to know if it's legal?
I have an LLC which I wanted to put into 2 of the multifamily properties that I own but I do not have 20% to convert and refinance under investment loan.
Can I put my 2 properties under the Property Management LLC that I own? Is this legal? I'll still pay taxes and report it. I want to make use of my blank LLC to build credit for the future.
Basically- take 5% of the rent I have and put it into the llc bank account to show activity and pay taxes on that later when I file?