First rental property - on whose name should we buy?
We are looking to buy our first rental. We are starting very small (with a condo) as we both have separate careers. We also unfortunately can't run around to find "the deal of the century" where we would make tons of money on the purchase itself. We just want to start investing some money before they burn a hole in our pocket and we end up without them.
We will put about 50% down.
I read somewhere that it is very wise to NOT buy a rental property on our name as private individuals - but to get a business license for a "limited liability" company and buy on the company's name instead to avoid any potential disasters in the future. By this I am thinking of situations such as renter breaking their back on your property and then suing you for all you've got.
Is this the correct step to take?
If yes, how much of a hassle is to get a business license in Georgia?
Thank you all so much!