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Updated over 1 year ago,
First House Hack
I own a single family home in the western suburbs of Chicago which is my primary residence. The home has a one bedroom 700+ sq. ft. in-law apartment in the basement which I've just remodeled. I have a tenant wanting to move in June 1st. I'm trying to decide how to handle the lease. I started an S corp for the purpose of investing in rentals but because the home is in my name not the business I'm not sure how to handle all the paperwork. I though about using the business as a property manager. Does anyone have suggestions what would be the best way to setup this transaction?
Thanks...