Under "Start a Business", choose "Limited Liability Company" and follow the directions.

That being said, liability is often the biggest concern with short-term rentals, and the underwriters have agreed to offer a general liability only policy." maybe dodged a bullet.

Many carriers are including exclusions for GC commercial general liability coverage and professional liability coverage for engagements involving condos and even stricter exclusions when dealing with conversions.

I have each of mine under a Landlord Policy, but then have an umbrella policy over my own home and the rentals; extended liability coverage.

The tenant has two types of coverage: liability and personal property.

Most owners are unfamiliar with the laws and the potential liabilities of selecting tenants.

Translation, $2400 per year.I currently just have insurance liability up to 1 million per property.Since I will be getting married and as married, you are considered as one, I’m wondering if I should LLC them due to the new wife becoming also a new liability in my life.For example, she causes a big car accident and ends up getting sued.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

To avoid unnecessary liabilities, delaying acceptance or exploring a cash alternative may be the safest financial option.This post does not create a CPA-Client relationship.

This requires careful structuring and compliance with IRS rules.Installment Sales or Buyouts – Instead of distributing properties outright, investors can sell or buy out their respective shares over time, spreading out tax liability and reducing immediate capital gains impact.LLC Restructuring (State-Specific) – Converting the corporation into an LLC taxed as a partnership may allow for a more tax-efficient asset distribution.