I am super new to learning about real estate financials, so please excuse if some of this doesn't make sense. My husband and I bought a rental in 2022 for my college son and friends. Due to multiple offers, we paid cash, but have a mortgage on our primary. We have a personal account for rent and expenses. I have read I need to set up a business account and not to co-mingle funds so I am working on that. We set up an llc, but have yet to do anything with it. I also read I need to move the rental property into the llc to protect our other assets in case of a lawsuit. Because the property is paid for, it is a fairly large amount that would be exposed even in the llc. How can we limit the exposure? Is there a way to move the property into the llc, but not have all the money in it? For example, to take out a note to where the llc is borrowing money from us? And if so, are there tax implications? What are our options, if any?
