LLC or Land Trust
I believe to have found my first rental property. It's a duplex, asking price is $71,000, tenants pay all utilities and mow grass, gross rent is $1,300/mo. Great school district, good rental history, etc. A friend of mine dissolved his LLCs last year and put all 9 of his 4 units, $500,000 personal house and vehicles into trusts and raised his insurance coverage to 3 million. He says that it is a far simpler process, less yearly paperwork and easier financing. I am planning to buy properties in East Tennessee, South Carolina and North Georgia because that is where we want to put down roots in a few years. I will have a property management company hired for all properties. Our five year goal is to purchase 20 properties. How should I structure myself????