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Updated over 1 year ago,
Second home loan for STR -- Rent to my LLC?
Hi friends! I am in the process of buying a 3 bed, 1 bath single family home in Big Bear, CA that I primarily plan to use as a STR but would also like to visit ~20 days of the year. I currently live in LA, about 3 hours away from Big Bear.
I have been pre-approved for several second home loans, some at 10% down, and one with NFCU for 5% down (an offer too good to pass up). I know Fannie Mae has requirements for second home properties. I plan to occupy the unit more than 14 days/year, and also plan to self manage the property, so I believe I meet all of these requirements.
My question is more so about the liability and tax implications...If the mortgage is written in my name, is it possible to rent out the property to my LLC? Being that I plan to airbnb the property when I am not there, I want to make sure I am as protected as possible while also enabling as many tax deductions.