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Updated over 3 years ago, 09/10/2021
Can I use my LLC as the Landlord for a property personally held?
Hello BP Community,
I am in the process of filing my LLC. I currently have a property that is financed personally. I do not want to transfer ownership to avoid the bank possibly initiating the due on sale clause. However, the LLC is still being formed for real estate use for the next properties. I just don't see the hassle in transferring things around for this first property.
Here is my question: Since the property is personally held, can I still use the LLC as basically the "landlord" and I will be the property manager? I want to do this to set things up for how I plan to operate going forward with additional properties. I think it is easier to have the LLC as the face of things with myself as the manager. Am I able to communicate with the tenant under the LLC's name (example: emails)? Can I utilize the business bank account or would it be easier to have the funds separated personally since the income is technically not under the LLC? Would I do a property management agreement between the LLC and myself? Tax wise, would this make things too messy?
I think I am making things way too complicated, but any clarification or help is very appreciated.