anyone use an LLC as a Management account for all units?

2 Replies

i have 19 units...i have been buying them in my LLC but I'm going to swich them over to individual real estate trusts...this is to have more liability protection and ease of management...the LLC will now be the management account for all the properties, so i can just have 1 bank account that i deposit all rents into and make payments from...

does anyone else do this?...anything else i need to know when i do this?

Regarding the "management" company... yes that is exactly how we have done it at the suggestion of our CPA.

We even have the "management" company act on behalf of each "ownership" LLC (in your case trust) to find, negotiate, secure financing, renovate and the either rent or sell for the LLC.

There are some quirks regarding how the income/expenses and the balance sheet is handled but we let him take care of those for us.

Regarding the "management" company... yes that is exactly how we have done it at the suggestion of our CPA.

We even have the "management" company act on behalf of each "ownership" LLC (in your case trust) to find, negotiate, secure financing, renovate and the either rent or sell for the LLC.

There are some quirks regarding how the income/expenses and the balance sheet is handled but we let him take care of those for us.

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