Updated over 4 years ago on . Most recent reply
First rental income help
Hi all,
Excited to learn and be part of a great community and look forward to meeting you guys!
So I’m in the process of setting up my first fully furnished rental. I’m still in the learning process so want to get your input on the best way to navigate this situation. I will be doing a short term rental (3-6mo) in my primary residence while living with my gf at her place
Should I open an LLC for tax advantage purposes? Is this even a good option where this is technically the only residence I own?
What is the most efficient way to collect rent? People have suggested cash apps but I’m not sure if that’s best.
I appreciate any feedback!