This way, maintenance, repairs, and taxes are the responsibility of the new owner, while you continue to collect principal and interest, potentially as tax-free income.I'm not a CPA, just a heads-up 😄, but you could possibly avoid capital gains tax with this approach.

It always helps if you have your deposits at the bank you are trying to get a loan from.

You must properly treat the LLC / Rental like a business.Rents get deposited into the LLC Account.Expenses get paid out of the LLC Account.You can make contributions / distributions to / from the LLC Account.Try not to receive rents or pay for expenses directly from your personal account.Best of luck

I am currently looking at a house in upstate New York. 

New to BP and saw your post and thought this would be a good first post 😂.

With new construction, comes more competition.

Then open a new Google Sheet file, click Open and then select Upload.

Hi everyone, I am new to Bigger Pockets.

This and 100s of other issues I find with new builds. 

For business owners, having a separate legal entity, such as a corporation or limited liability company, provides the unique ability to create a credit identity with business credit reporting agencies, also known as a business credit profile.Reality check:  > Funding your business with your home equity or personal savings/guarantee is a HUGE risk  > ~45% of Small Businesses applied for a Business Loan in 2023  > Less than 2% of SBA Loans are actually funded/approved  > 29% of Small Businesses FAIL because thee run out of Capital  > Your company’s name on a credit card is NOT corporate credit (if you used your FICO score to get it)  > Business (EIN) credit will open new ways to finance your growthIf you keep doing what you've always done, you'll keep getting what you always got!