STR LLC Creation - Property and Bank Acct

[Joseph Heinen]

Hi! Just got an offer accepted on a place in Minnesota with my sister as the sole note holder. We are making it an STR and want to have the property split 50/50. We have created a Minnesota LLC and have stopped there.

I have read a bunch of articles and forums on here and looking for a thumbs up/down on my next steps. Please let me know if I am way off on the below steps, my LLC/title experience is pretty weak. (We will be consulting our CPA before doing any title transfers, and noting how they want the business expenses done)

1. Get EIN number from state for the LLC

2. Sign up for joint bank account via the LLC (thinking Chase), and a business credit card with that

3. Pay title company to swap the property over to the LLC. (The LLC is in our two names, so I assume it is 50/50?)

Then lastly, any need for umbrella insurance?

Really new in the partner space, but have listened/read about it for years. Thanks for any help!

-Joe