Starting an LLC for rental properties
We are planning to invest in our first rental property in a couple months and I would like some advice about LLCs. Do we need an LLC for rental properties? Do we buy properties through an LLC? Do we open an LLC after purchasing our first property? Any advice would be appreciated.
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My personal rule of thumb - If your net wealth is less than $1M, just use an umbrella policy for asset protection. Once your net wealth exceeds $1M, use an umbrella policy and LLC.