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Cindy Joseph
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First Duplex- s/c corp vs Llc? Any other advice?

Cindy Joseph
Posted Nov 18 2022, 14:34

I am about to purchase my first home/investment property. It’s a duplex and I will live in one side and rent out the other. I’m using a bank loan (10/6 arm). 

I’m wondering if I should use a s or c corp or an Llc for it? Am I allowed to do this if I live in one side?  Will the bank even allow this? Does one have additional tax benefits over the other? 

I’m planning to fix some plumbing, ac and roof before moving in? Do I need to for the corporation before I hire people to work on the property? 

What’s the best way to get tenants? Do you need to hire a lawyer to draft a lease agreement? 

Any advice in general? I am excited but also feeling incredibly overwhelmed 

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