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Updated about 4 years ago,
Is an LLC needed for Property w/ Mortgage and Deed in my name
I recently purchased a condo in Alabama as a second home (Primary Residence is in Illinois) with a mortgage. I would like rent the property using Airbnb when we are not using the condo. Initially I was going to establish an LLC and then transfer the Property, but after researching I realized this may not be possible.
Does it make sense to keep the LLC and run the rental income and any expenses through the LLC?