Hi Kenny-Great question about whether you should put a house you plan to live in and rent out parts to others in an LLC.Certainly putting it in an LLC would help with asset protection and limiting personal liability.However, you may lose the ability to claim the part of the house you live in as homesteaded tax rather than the higher non-homestead investment property tax for the entire property in an LLC.

It just takes a few knowledgable and devious tenants to completely derail your investment and the best thing about it is: There is nothing you can do as the state law protectes them.

Putting the house into an LLC does not protect you from paying taxes.

However, I want to ensure that my rental contract is comprehensive and protects both my interests and those of my tenants.I'd greatly appreciate any advice or tips on what to include in a medium-term rental contract.

Myself as a realtor pre vet its completely legal as long as not based on a protected class such as race etc. 

I want to put my Triplex into an LLC for legal protection of my personal assets.

An LLC can provide a layer of protection by separating your personal assets from your rental business.

When done properly, a series LLC gives members protection from personal liabilities arising from multiple properties or operations without having the extra expenses of multiple LLCs.Series LLC also known as master LLC provides liability protection across multiple LLC entities.

What protection will you have on your investment?

It is effective Aug. 1, 2024.This ordinance is referred to as the Source of Income Discrimination Ban Ordinance" - which is identified in File #231019 and amends sections of Chapter 38 (Civil Rights) and Chapter 34 (Health and Sanitation) in the Missouri Revised Statutes for the purpose of classifying source of income as a protected trait in regard to housing discrimination.Here are some key takeaways from the attached ordinance:This ordinance bans discrimination against tenants based solely on:Source of income from an occupation, including gig work or paying rent in cash Use of public programs like Section 8 Housing Choice Vouchers, disability checks, or social security Poor credit score Prior evictions and alleged damages older than 12 months (less than 12 months can be a basis for denial) Prior convictions or arrests (sexual and violent crimes are excepted, a landlord can still deny based on these convictions)The ordinance also requires the city to proactively scan for rental ads using discriminatory language like "no Section 8" or "no past evictions".Landlords who are found to be in violation of the ordinance with respect to source of income can be fined up to $1,000 per incident.