This works for us, because the properties we own and operate as sole proprietors.

Working capital (day to day funds to live on in a checking account): 10%Emergency fund (min. 3 months expenses in a high yield savings account): 20%Tax payment reserve (due to being a sole proprietor without W2 withholding): 30%Estate planning (estimate): 6%Business insurance (estimate): 2%Individual brokerage account: 32% (12% stocks, 20% mutual funds/ETFs)[i] https://www.bls.gov/news.release/pdf/cpi.pdf[ii] https://capital.com/us-inflation-rate[iii] https://www.strongtowns.org/journal/2022/11/30/christmas-cookie-inflation-index-2022-update[iv] https://www.financialsamurai.com/how-to-become-a-better-good-enough-investor/[v] https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/[vi] https://www.nerdwallet.com/best/banking/cd-rates[vii] https://seekingalpha.com/instablog/47644028-jussi-askola/5488523-best-reit-investment-strategy[viii]https://buffalonews.com/news/local/what-we-know-about-the-people-who-died-in-buffalo-niagaras-blizzard/article_98a32b72-87aa-11ed-985e-4beeb22a08f1.html

I have read everything from a trust that owns a holding company that owns an LLC for each property to just owning everything as a sole proprietor.

My main question is I own this as a sole proprietor.

You will be considered a sole proprietor by the IRS.

HELOC or Cashout refi could workAre you sole proprietors of the LLCs?

The IRS allows the LLC to be taxed as a corporation, partnership or sole proprietor, depending on elections made by the LLC and the number of members.

Jennifer for tax purposes there are no real advantages to having a single member LLC vs. being a sole proprietor when it comes to owning investment properties.

That opens up Sole proprietor, Partnership, S Corp and C-Corp.Wyoming is one set of expenses where you are a Domestic Business Entity.

Personal asset protectionOperating a rental property business as a sole proprietor comes with inherent risk.