Amity Oregon · Member since 2021 · 15 posts · 1 vote
Hello
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
Investor · Huntsville, AL · Member since 2021 · 41 posts · 15 votes
4y
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.