Will using an LLC to manage property protect me?
Hi - this is my first post here, thank you in advance for your replies.
In a few weeks, I will be closing on a new primary residence and plan to rent out my current residence. I still have a mortgage on my current residence and have heard that transferring this to an LLC could trigger the mortgage company to consider this as a sale.
For the purposes of protecting myself and keeping the rental house seperate, I was wondering if it would be beneficial to start an LLC purely for managing the rental party. Thus, if the lease is written between ABC LLC & Tenant rather than Owner & Tenant, will this provdide any sort of protection or added tax benefits?