New here... LLC or no?
Yikes. This is my first post on BP tho I've been lurking about for a few weeks. Here's the quick rundown:
My husband and I live in Nashville, TN. We also own a rental house in Ann Arbor, MI (the house we lived in for many years) and one in Bradenton, FL (a house we bought in '03 for my daughter to live in. She no longer lives there.) For a variety of reasons (mostly that we don't like being out of state landlords), we are ready to unload both houses. We are heading up to Michigan next week to prep that house for sale and will try and sell the FL house in the fall.
Our plan is to use the profit from the sales to buy a rental here in Nashville (or possibly join forces with someone to flip.)
We have many questions about how to proceed, but wanted to start with this one:
We are about to lose our current health insurance and are looking for a new plan. Because we are both on track to earn a little less this year, we could qualify for a subsidy under the ACA. BUT, the profit from the Ann Arbor house will raise our income significantly for the year. If we were to form an LLC and put the profit in there, would that solve the problem?
More questions to come. THANKS! Whit