Florida LLC and Tax Question
Hey BP,
I am in the process of purchasing my first investment property. The deal is two duplexes side by side in Florida. I will be using hard money in order to close quickly. I am required to purchase through an LLC, and the lender is requiring my father to be a member of the LLC due to this being my first property. I will be refinancing relatively shortly after closing and moving into one of the units.
My thoughts are to completely keep my name out of the property and just move in as a tenant would, but I am not sure if there is a disadvantage to that?
Also this is my first set of properties, so I am really not sure if paying to file a corporate tax is worth it with 2 members in and LLC?
I was wonder if anyone could offer any advice as to this somewhat strange situation.
Thank you!