LLC for rent collection

[Kumar Gaurav]

Hello,

I own a multi-family rental property and I dwell in one of the units. Are there any benefits if I collect the rent from other units through an LLC vs encashing cheques in a personal account?

On a side note the multi- family home is in my name,it's a 30 year mortgage with 3.5 interest

would it also make sense to transfer the ownership to an LLC? I know the interest rates are higher now ,I am wondering under what circumstances would it make sense to transfer to an llc

[Anthony Wick]

@Kumar Gaurav

Why not just get an Umbrella insurance policy? $1 mil will be plenty.