LLC for Airbnb

[Luis Ramirez]

Hello BiggerPockets community,

I'm currently a homeowner renting out my primary residence on Airbnb and considering the prospect of buying a new property for rental purposes. I've heard about the benefits of forming an LLC for managing Airbnb properties and would appreciate some guidance on the matter.

Specifically, I'm curious about:

1. What are the key advantages of forming an LLC for managing Airbnb properties?
2. If I already own an Airbnb property (my primary residence) and plan to purchase a new house for rental purposes, what would be the recommended approach for transitioning the existing property into an LLC?
3. Is it preferable to transfer ownership to the LLC or consider a corporate lease arrangement for the existing property?
4. Are there any specific considerations or legal aspects I should be aware of when making this transition?

Additionally, I'm based in Michigan, and I would like to know if anyone in the community is familiar with companies or professionals in Michigan who can assist in the process of forming an LLC and managing the legal aspects of transitioning Airbnb properties.

Any insights or experiences you can share would be immensely helpful as I navigate this potential transition. Thank you in advance for your valuable input!

Best regards,

Luis Ramirez