LLC ownership of personal residence
Is it ever a good idea to have your real estate business (LLC) purchase the property you intend to make your residence?
Details:
We are looking at purchasing some acreage to build our personal residence on and now am considering the idea of having an LLC own the property and manage the tree farm that we would make out of a portion of the acreage. The house and yard I know I couldn't count as tree farm acreage due to county zoning. It seems like the rest could be owned and managed by an LLC without much trouble, but when the house is on the same tax lot as the tree farm property it seems like that would complicate things a good bit more.
I know I’m missing something as a downside to that plan, I just don’t know what I don’t know. Any insight is greatly appreciated!