LLC setup? Single or multi-member? Quitclaim or not?
I'm starting to feel like I'm going in circles!
We have our first property under contract so I thought I should get the LLC set up.
My husband and I will be the members - but from what I have been reading that means the LLC will have to file a partnership tax return? and then I was just reading a post that made it sound like you don't really get that much protection from the LLC if it is either single member (which we might do to avoid the partnership tax return) or if the only members are spouses.
And then to really confuse me it seems like with the new guidelines that you can't quit claim the property into the LLC until you are absolutely sure you won't refinance which would seem like never to me - I guess I would always want that option.
So I guess my question is for a new investor team of spouses what is the best direction:
Set up an LLC?
If so, single member or both spouses and file the partnership tax return?
Get an EIN for the LLC or operate with the member's SS#?
Quit claim into the LLC and hope you don't ever want to refinance?
I'm so confused - this board is great but I get so overwhelmed at times!