Need help with FL STR LLC

[Daniel Murphy]

Hey all, we have a short term rental in Florida, we live in MN.  

It is currently owned under our personal name & we wanted to setup an LLC to transfer the ownership into this. I'm comfortable with the whole LLC, bank account etc setup. I just wanted to clarify from those that know some other details.

Does our LLC need to be setup in FL as opposed to MN? If so, I've also heard we need to setup our registration with the city & state with the LLC rather than the individual. Am I remembering that correct?

Lastly, what is the best way to move the mortgage into the LLC Ownership and is there anything else I'm missing?

Thanks in advance! 

[Chris Picciurro]

You first want to talk to the mortgage company and determine if you can deed the property into the LLC or is there a "due on sale clause". If you can move the property, the next step is to form an LLC. There are many opinions on this. From the tax side of things there is no benefit. Legally (and I would consult an attorney) you are picking up asset protection. I would form a Florida LLC and use a registered agent there. If you have any questions feel free to shoot me a direct message. Good luck!

P.S. - where is your STR? We own some in Panama City Beach.