First Rental- Should we set up an LLC?

[Anne H.]

Hello,

We are buying our first rental property in MN and are feeling a bit overwhelmed with all the info. We have learned a lot though so far through these forums! What we are currently not sure of is if we should be setting up an LLC or not. How do we best protect our personal assets?

My husband is a realtor so we do have an LLC set up for his business but that is managed by a CPA. In the brief conversation I had with her she didn't seem like a fan of the LLC route and mentioned something about a schedule E form.

Any advice would be greatly appreciated:)