Grossing $7300/mo. on my primary residence, should I have an LLC?

[Eric Rich]

I'm wondering what the best thing to do here is. I make a lot of money on my single family. I rent multiple rooms, farmland and shop space. This is also where I have my music studio and office. It's all run under the table currently and haven't had any problems, but want to formalize this as a business to avoid any hardship down the road.

I don't know how I should be protecting myself here. I would like to set up an LLC for my house, but there's not a lot of information out there on building a rental property in your house. In Salt Lake City, you don't even need a business license to rent out rooms in your own primary residence.

What are my liabilities renting without a business. I believe I should put a business in place regardless of whether or not the title is held under that LLC, but I just don't know where to begin. Any help would be greatly appreciated.

Thank you.