My wife is a stay at home mom and She would like to start a rental business.
We currently have 3 rentals and 1 is paid off.
How does she start the business ?
1. Would we start an LLC in her name ?
2. would we transfer the home that’s paid off into the llc or business name or her name ?
3. would she pay herself out of the rental income so she shows an income ?
Lots of questions I know, but just looking for a place to start researching
Unless you can pay cash or puts you on the mortgage, she is going to need some income to qualify for a loan.
What does she want to do-short term rentals, long term rentals???
The three we currently have are long term rentals. So we would probably stick with those for now
I think it would make the most sense to create a two-member LLC with you and her as the members. That way your income can help her qualify for loans in the future. You should be able to transfer the properties into the LLC with a quit-claim deed.
Thank you I will start researching that
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