Hello everyone, I have a sf in Michigan that I like to rent out by room.

Again, if you are just renting, than having a LLC doesn't create any SE tax implications, by itself.

My tenant has not paid the rent for the current month which was due on 1st .

. $40,000 including closing cost) under my wife and my name since we will be living in 1 unit and rent the other unit out.

I have a weird situation going on.Tenant has been here 2 years, current on rent but a total mess.

We’re planning to rent our home when we move—but we know we will be moving out of state. 

For example if the rent is $1,000.00 per month they applicant must provide proof of income of at least $2,000.00 per month. 

With 3 bed renting for 1800-2000/month and 2 beds renting for 1400-1600/month this is going to be a cashflow monster bringing in over 5000/month!

Depending on the demographics of the area, I've found that Home Depot/Lowes is fine for just about anything going in a regular rental.One must consider return on investment and buying fancy custom cabinets won't yield much if any more rent that box store shaker cabinets, especially in a duplex.Get some decent cabinets and a good countertop and you should be good to go.

The barrier is the additional complexity - now you are operating two sets of books, and filing two tax returns, and have more operating agreements, more state registrations, etc, need to manage cash better, need to keep in constant mind that your rents need to be a supportable FMV, which may require getting third party certification on your rents so that in the event of an IRS audit, what you have done is supported.In short...the size of the project, and the taxable income, need to be of enough scope to make all the additional costs and annoyances worth it.