Currently looking for a duplex in central New Jersey area. I will be obtaining this property as my primary residence and living in one unit. I will be renting the other unit. Should the rented unit be placed under an LLC? Eventually I would like to rent both units and move on to another property. Does anyone have any input on the legal/tax aspects for this kind of situation? Thanks!
@Patrick O'Reilly You can't split the units half in an LLC and half not. Either you buy the duplex in tour own name or an LLC. Speak with a qualified accountant to discuss what option is best for you I suspect that buying it your personal name and getting great financing will be your best option. Best of luck!
Thanks @Allan Szlafrok I appreciate the tip!