How to structure the management of my first house hack
Hello all,
So myself and my fiancé are looking at how to set up and manage our "House Hack" For this first unit I plan on going through first time home buy financing and renting the other units. We are trying to decide if we should handle everything in our name or set up an LLC to accept rent, pay the mortgage on our behalf, handle repairs/expenses, ect.
My fiancé should be completed with her real-estate license this month and hopes to build a career in home sales. We have heard plenty of agents say they run all of their expenses and income through an LLC for protection, if she was to set one up could "she" serve as the property manager and write off the expenses of repairs and mortgage / include rent income along with her other sales to simplify come tax time?
My last question, I also do a few side hustles but nothing structured yet. In this same LLC could (should) I run the income / expenses through to drive up our taxable income to help qualify for future mortgages. This way I could use pretax dollars (from her agent income too if she out performs my side gigs) for related truck expenses, home office, and deprecation.
I'm not sure how well it may be perceived to have an LLC handle property management, drone photography, storage / estate auction re-sales, and a Real Estate Agent but I like the idea of separating that from our other incomes and running a formal business that we both are share holders to boost our reportable income. I would look at using a S-LLC for each part of the business but I don't believe those are available in Ohio yet.
Thanks for reading and your opinions. Any input (even if it is not related to my ideas) is welcomed. I know I need to seek legal advice when we have a more firm plan in place and are better educated.