How to set up REI business
Hi everyone! New to bigger pockets and have a question. I have had a rental property for 7 years that I have just kept in my personal name and claimed on my personal taxes (it was my townhouse from before marriage so just kept it as a rental). My husband and I are in the process of renovating and would like to sell, do a 1031 and buy one or two other properties in another state. My question is how should I be managing these new properties from a business standpoint?
I know there's the option of sole proprietor but since they would be in both my and my husbands name, I'm not sure if that would work. Would a LLC be a smarter/cleaner financial option?
Thank you in advance!