LLC and Property Manager for one rental

[Victoria Radcliff]

Hi,

I am looking for some advice on whether or not to get an LLC and property manager for one home. I currently live in the home and the renovations are new but am planning to move out of state and rent out the home and am wondering if I should get a LLC and a property manager for the rental. This home was built in 1931.

[Scott M.]

Generally speaking these two topics have 2 camps with very strong people. Those that say don't get an LLC, I didn't and they offer you nothing. Or those that say do. Same on management, some will say it is a waste of money don't bother you can do it yourself and some that say opposite. Point is, I doubt you are going to get a clear answer.

I for one fall into the LLC camp. They are not expensive and offer some basic protections. Not a lot and you should get proper insurance in place to really cover yourself but having an LLC does separate it from you personally and I think that is a good thing.

As for manager, it all depends on your local contacts.  Do you have a local team in place?  Handyman, plumber, hvac etc. to handle the basic needs?  If not and you don't want to then I would suggest a PM.  Remember, you don't hire a PM for when things are going right, you hire them for when things are going wrong.  if you have the time to deal with an emergency if one were to arise and the thought of that is something you welcome then give it a go.  If on the other hand you have no time for it and the thought of it makes you shudder then I would get a PM.  

As @Michael Seeker said the PM thing is really a personal choice