Quote:
Originally Posted by DWBOX2000
I recently bought a house out of state that I want to do 1-6 months rentals. I hope to use a few times a year and spend winters there when I get older. Is an LLC really all that beneficial. It seems if something goes south, the renter would go after my insurance, then the LLC and then me. Considering my wife and I would be the partners of the LLC, what difference does it make? Does it just mean they would go after my vacation house before my actual house. I contacted a lawyer about setting up the LLC. Said it would provide protection but that’s her business so not sure how much weight I should put on that.
Seems I need an in state agent too, any idea what that cost?
Thanks.
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with rentals involved, yes an LLC is better--it offers a layer of protection against your personal assets if an incident occurred. If an LLC owns the property, then only the assets of the LLC are exposed. If you personally own the home--anything in your and your wile's name is vulnerable . Establishing an LLC is cheap insurance--but don't forget to file LLC taxes.