Owning rentals through an LLC
Hello. I'm wondering if someone can point me in the direction of a podcast or blog post about using an LLC to run your rental properties. We have two long term rentals and an ADU in our back yard. We created and LLC after we purchased them, and our leases are created between the tenant and the LLC. But beyond that, I'm clueless. Does the property need to be owned by the LLC? It's not, we'd have to transfer the title? And do you need a bank account dedicated to the LLC? Right now we just have a separate personal account that houses our rental income and expenses.
@Emily Anderson look up Anderson Business Partners on their website and YouTube. To answer your question, Does the property need to be owned by the LLC? Yes. It's not, we'd have to transfer the title? Yes, the right way as not to be taxed more on your property value.
And do you need a bank account dedicated to the LLC? Yes. Right now, we just have a separate personal account that houses our rental income and expenses. Good start to keep it all separate.
Good Investing...
