Chicago, IL · Member since 2017 · 7 posts · 0 votes
Hey everyone! I appreciate the wealth of knowledge and experience here. I have a condo that I've lived in for five months (conventional with 10% down). I have identified a renter that I would like to present to the board. This is my firs and only 'investment property' day far, and I don't know if I should create a company, or just personally mange it on my own account? All active is greatly appreciated!
Its really up to you. There are no tax benefits to doing it on a legal entity. You can use insurance and umbrella policy insurance to address liabilities. Here are a bunch of prior discussion threads that you might find useful.
@Jeff Krasowski have you considered screening your tenant before presenting she/he to the board? Screening for the right tenants can really save time, money, and headache later on.