LLC to Operate an AirBnB Business

[Gareth McEwan]

Hi All

I have funds saved up that I want to use as a downpayment on a SFR. The idea is for me to use my personal funds to make the purchase, and for my wife to operate the property on AirBnB, through an LLC.

We have a prenup applicable to the funds, and the source of the funds is documented and dated. I still need to speak to a mortgage broker regarding how best to acquire the property using the funds as 20% down + closing costs + light rehab and furniture install. If you can offer some thoughts on doing this the smart way, they'd be welcome (e.g., I'd prefer to purchase in a separate LLC and use my income to support the loan, but I'm not sure if this would be possible).

My question really is how to setup a separate LLC to operate the AirBnB with my wife. Is it fine to both be members? Who should be the registered agent?

I work full-time, wife is stay-at-home with our 2 boys, but she is very keen to start hustling again, and she'd be great at the AirBnB business.

So I'm just airing some thoughts and concerns on how to go about this endeavor the smart way. I'd welcome some input from those with more experience.

Many thanks

Gareth