All Forum Posts by: Pratish SHah

@Wayne Brooks thanks.

@Michael Plaks: thanks so much. Appreciate your help.

I currently own my and live in a condo which I will rent out on July 1. 

I will be moving out of state with my family on 15th june. Ideally I would have had my family just fly to the new location on 15th June and I would have joined them a few days later after making the necessary repairs before renting the place. But we have decided to drive instead due to COVID. I will have to drive my wife to the new destination because we have a 5 month old and my wife is not comfortable driving alone for 10-12 hours. So I will basically go to the new location on 15th June and then drive back in a couple of days to get the repairs done.  

The question is whether I an take mileage deduction for my trip from the new location back to my original home for the repairs? ( There is one more thing complicating this scenario a bit.  I still will be working during this time. However I can work from home and I would just have worked from home from the new location if not for the repairs. )

Please guide. 

Thanks.

I bought my primary residence in June 2017. On July 1 2020, I will rent it out for the first time. In our county , I pay 2019 property taxes in 2020. The next half year taxes that I have to pay will be in July 2020 at which time I will be paying taxes for second half of 2019. I do not understand if I can pay these taxes and take it as a business expense. The worry is that the taxes are for 2019 when this house was my primary residence. 

Please guide. 

Thank you all.

@Bob Prisco

I am not sure what you mean by “ I should not be involved at all.” Can you elaborate on it.

Anyways it was my home which i am renting out. Not a good time to sell my house.

@Bob Collett Thanks for replying. Do I also need to inform cuyahoga county or State of Ohio? 

I plan to rent my house in Shaker Heights Ohio from July 1, 2020. The steps I have or will soon be taking:

1. I have a tenant (someone I already know) with an oral agreement to rent for two years. I am not using a property manager or real estate broker at this time.

2. I am about to form a SINGLE MEMBER LLC and transfer my property to the LLC. I am using incfile for the process and going to get an operating agreement made by an attorney or use Incfile/Rocket lawyer for the service.
     a. Do I need a banking resolution? My main concern is limiting my liability.
     b. Are there any additional documents/agreements/resolutions that I am legally required to submit to Ohio secretary of state while forming the LLC. Anything that I might be missing?
      c. Any additional documents that are optional but will limit my liability and is usally a good idea. 

3. Do I need to inform City of Shaker Heights/Cuyahoga  County/ State of Ohio that I am renting my house? Do I need to file any forms or documents for the same?

4. Do I need any sort of license (business license / rental license) to run a rental business in Shaker Heights/ Cuyahoga county/Ohio to rent my house? 

5. I will get a rental agreement made and have the tenant sign it. Do I need to hire an attorney for this ? If you think that I should get an attorney formulate one for me, how much do you think should I expect to pay? Can anyone recommend a reasonable attorney? Can I use one of the online document websites such as legal zoom etc.  

6. I will get a business bank account and a business credit card.

7. Am I missing important steps (I am sure I am). Please help , guide and advice. 

Thank you all. 

Pratish.

@Jaysen Medhurst I highly appreciate your feedback. I do not plan to mix additional businesses under this LLC. I am just trying to not limit my LLC in case I might need to do it for unforeseen reasons.

@Christopher Smith thanks for the info.

I am filing a single member LLC in Ohio. The primary purpose for this is to rent my condo. However I would like to not limit the LLC to only a rental business.

I am wondering if anyone has any advice about the “Business purpose” that I can mention. I want to be sure that Ohio does not reject the purpose and also that I can keep the purpose as broad as possible.

Thanks.

Pratish Shah

Newbie real estate investor