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Updated almost 6 years ago,
Can I buy my house with my LLC and "Rent" it out to me?
Hey there everyone! I really need some advice on this topic and I would sincerely appreciate anyone's opinion on it! Thank you in advance!
OK so here's the deal.
I bought a 3 bedroom house, but I'm by myself and therefore only really need 1 bedroom.
I already have rented out my other two rooms to close friends of mine and I have them under a lease and everything, but its rented out to me.
I have an LLC that I started about a year ago called Urban Diamond Properties, and I even got My EIN, but I have yet to have actually done anything with it.
I wanted to know, how could I transfer ownership of my house from my name to my LLC's name, along with the leases from my two tenants? I also want to know, since I'm living there as well, could I potentially "lease" out my own bedroom to my LLC, and use the "rent " from my room as well as my other rooms to establish a valid business entity with a legal income? And then once I did that, since my house is technically my "business location" with everything in the house a part of the business, couldn't I write off things like my mortgage, security system, utilities, etc.?
I mainly am looking at being able to establish my LLC as a valid business with an actual track record, and I really think utilizing my house, that Im already renting out, could help jumpstart that process. What are your thoughts / advise on this?