Each LLC can have a separate agreement, but the IRS will scrutinize this, so keep everything above board to avoid issues.Tax Implications: This arrangement could allow you to shift income and claim home office deductions, but it needs to be done carefully to avoid triggering any red flags with the IRS.Renting a Car to Your LLCs:Renting your car to your LLCs can also offer some tax benefits, such as shifting income and potentially deducting expenses like mileage and depreciation.

I’m largely sorting out how much reserve income I need, for incase work goes dry and I have to keep paying off the property.Would you recommend I run numbers on that first, or is it better to get a lenders input?

 I’ll also add that there are some instances where just making additional payments to pay down principle could trigger the due in full clause.

It has always been a dream for me to own but I am scared to pull the trigger. 

I have "Rental Property Investing" sitting in my cart but was waiting to pull the trigger until I added a few more things.

I was also told by my cpa that transferring the property from the LLC to our personal names will trigger a tax event.

I just have to pull the trigger and then work to get my books in order.Appreciate it!

You will want to perform a proper dry out of all materials and replace as needed, treat the area and have the lid put back together of the downstairs unit.

The Chicago market seems to be pretty dry.

If you decide to pull the trigger and sell this property I would be interested in a potential sub2 deal.