This is a passive way of earning with real estate-based security, protection and insurance.

I have been trying toe get a list of the IRS discriminate function indicators to no avail so I'd like to know how you can say that home office no longer concerns IRS.I was just making the note that broad stroke for everyone to add spouse, kid etc to create a partnership has other considerations people need to be mindful of as well. 

-Start at a title company- they will help you structure liens and deeds so that your interest is protected properly.

The process involves deeding the property to a land trust and then assigning the beneficial interest of the trust to an LLC for asset protection purposes.2.

But do you due diligence, protect yourself and be prepared in case it happens.

I’d like to keep the current fixed-rate mortgage in place and, if possible, have the debt transferred to the LLC as well.

If not, don’t even think of this.No matter what, consult a qualified lending attorney to understand your legal options and ensure you have proper loan documents in place to protect your investment.

As for the property structure, using an LLC offers liability protection, while a land trust provides privacy.

I don't like seeing a bunch of blue haired nerds running around crying about how evil their landlord's are for forcing them to pay their rent on time, but I don't want being a blue haired nerd to become a criminal offense.

Remodeling costs increase the property’s basis, while post-rental repairs are deductible expenses in the year incurred.An LLC isn’t necessary for a single rental but can provide liability protection as your portfolio grows.