Investment Property Llc

Should I form an LLC for my soon to be first investment property?

I have a home that is going to be converted from my primary residence to an investment property that I will rent out. I would like to know if putting this home in an LLC is the best course of action to limit my liablity. Also I will be residing in a state other than the one the soon to be investment proerty is located. Should I form the LLC in the state the property is in or the state I will be residing in? Only helpful answers please.

Well lets see… I would first ask what state the investment property will be in as well as what state will you reside in. There are different laws for LLCs depending on certain states. Also how many units are in the investment property? is it just a single family home that you are putting a tenant in? If so a well written and thorough lease agreement should protect you from most liability that should arise. Now if you have an investment partner or more than one unit in the property or if you want to record the income generated from rents though the LLC for tax purposes than you can do that to. I personally would create the LLC.

Detroit Real Estate Investment Property – Investor Helpers, LLC

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