i am hoping for some guidance. i know ultimately i need to speak to a knowledgeable asset protection attorney, which i am in the process of finding, but until i sort that meeting out i wanted some opinions on the matter.
basically, i have an llc (that i am realizing now, may be "generic" vs. a real estate oriented one...the work of a [email protected]$$ed RE attny) that has 2 managing members (50% each). i set up the llc a week or two after purchasing the rental property (through a personal mortgage loan), and made sure to register myself as a landlord in the city, etc (i.e. followed the city's landlord rules to a T).
well, after doing a lot more research and learning (from this site and other places) i found out that my llc may not be structured correctly and that my personal registration info (address, etc) is probably publicly available in city records. i want to correct this situation as soon as possible. i take my personal privacy very seriously, and now that i am getting a better understanding of the implications of the structure my unhelpful RE attny setup for me, i am extremely stressed and disappointed.
so my question(s) are:
- should i dissolve the current llc and recreate a new one (this time using RE LLC paperwork)?
- i keep reading about land trusts/contracts as another level of privacy and protection, but since i have a personal mortgage with a bank to pay for the house, is this extra level of protection useless for me?
- what can i do so that my personal information isn't all over this rental property paperwork and filed away with the city on all the forms/registrations i fill out annually?
i have read and heard that there are "best practices" for setting up your entities (no matter how big or small) so that you protect your personal privacy and keep all business info/activity separate from self. this is my own RE investment at the moment, and i have owned it for two years, fyi. thanks as always for the feedback!
this is my only** RE investment right now (not own, it was a typo!)
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