Should I form a LLC for House Hacking?

[Nick Hudspeth]

I am in the middle of purchasing a duplex in order to house hack. Should I set up a LLC to collect the rent payments? or should I just collect them in my name?

Will the LLC give me any tax benefits or anything?

I plan on purchasing more rental properties in the future. Probably in the next 1-2 years. Would it be easiest to just set up the LLC now?

[Sheldon Zimmerman]

Congrats Nick on a house hack. Very smart first move. So if you are using an FHA or low money down loan to buy the home. Then you will not be able to have the home in a LLC instead of your name. So since you can't buy it in an LLC. I don't see any benefit in you collecting the rents in an LLC. Now I would set up a separate account so that you keep the funds separate to keep track of everything. But I don't think setting up an LLC if the property is in your name. But I am not a legal professional so you will need to talk to a local lawyer. And I don't know what area you are referring to so your local laws or states might vary from where I am located. Best of luck and congrats.