@Rollin BuffingtonYou will want to speak to an accountant since, if the current owner of the property and the owners of the LLC are different, taxes might be owed when the property is transferred/sold to the LLC

Here are the important factors to consider for a house hacker of a 2-4 unit property when using the program:NACA’s eligibility requirements consist of the following:No member of the household can have an ownership interest in any other property at the time of closing,Occupy the home over the life of the NACA mortgageParticipate in five actions and activities a year and at least one prior to NACA Qualification and one prior to closing in achieving NACA’s overall mission of economic justice; andBe willing to abide by NACA’s terms of membership, participation, and eligibility.Occupancy requirement:At the time of closing, the house purchased with the NACA mortgage must be the Member’s only home.

Plus with commissions, you have write-offs for expenses to reduce your tax burden. 4.

It has not gone in my favor and is taking up the entire useful part of my lot that I am stuck owning and paying taxes on because it is tied to a mortgage on a MFH that I own.

If they are like a BP-er where they thought their skill was what made them successful for the decade prior, then yes folding is the right solution.

We would never allow this.What is your tax situation - I don't see anyway you end in a good situation by selling due to depreciation and payback and realtor fees, selling, closing fees etc unless you 1031 into something.

Truthfully I think I'd like to run everything by a tax lawyer to make sure I'm taking advantage of everything I can, but haven't yet.

Additional prior to move-in deposits: Cleaning Deposit $400.

In looking back at my tax records, I did not “abandon” the property, I just had no rent to claim the next years, in 2021 and forward.

When looking at an LLC, or any entity structuring, there are two angles to consider: tax benefits and asset protection.I frequently see asset protection lawyers recommend an LLC for each rental property owned for liability purposes.