I bought my first rental in my personal name because I got a great rate from my credit union.

Holding any asset in an entity as opposed to personally MAY limit potential liability solely to that entity and not expose other personal assets.  

.• Is it easier to finance as a Canadian using a DSCR loan, a foreign national loan, or personal income, and can projected STR income be used?

It’s not legally required to move your rental out of your personal name and into an LLC.But many investors choose to do it for liability protection, privacy, and tax organization.However… it’s not always the right move immediately — especially if financing is involved.If your rental stays in your personal name and a tenant sues you (injury, negligence claim, etc.), your personal assets could be exposed. 

@Tyler Foshe based on my experience in calling previous landlords, these are the questions that we usually ask.Pro tip - Always verify that the person you’re talking to is actually the landlord or manager. 1.

If you modify the lease to add this other person, everyone should know they are both jointly and severably liable.

.: I get colleague request from time to time and one of the first things I do is look at a person‘s profile.

I would love for this person to be able to counsel us on our entire portfolio (retirement, mutual funds, AND real estate), LLCs, do our taxes, and offer RE professional tips.

But on a personal level, you’re saving a ton by living for free or at a reduced cost — it’s basically trading property cash flow for personal cash flow.Now I’m considering bringing in a private lender for my first deal, and it raised a question: 1.

Ken, if one were to purchase a property sub to taking title in the name of an entity, would that person still be require to list the mortgage note as a liability on their PFS so as to avoid a fraud charge?