Can I live & partially rent out a LLC house?

[Helen Falk]

Hi everyone, I am pretty new to real estate investment. Currently looking at vacation rental options in Utah and Wyoming, and if we purchase a house, we would like to put it under an LLC.

The question is, is that okay for my husband and me to live in this property, and rent part of it out (long-term or short-term)? I feel like the answer is yes, but would like to confirm. 

If anyone has any suggestion for vacation rentals in Utah and Wyoming in general, I would love to learn from you as well. Thank you in advance for reading this post:)

[Bill S.]

@Helen Falk so the challenge with LLCs is getting financing for them. If you need to borrow to purchase then owning the property with an LLC makes it very challenging. The other option is to purchase in your name and then transfer ownership of the property to the LLC. Do a quick search for "due on sale clause" if you aren't aware of that wrinkle.

Perhaps you are thinking of the tax implications of using business property for personal reasons. There are rules about how you handle depreciation etc related to the IRS tax code. Your accountant should be able to provide you with direction on this front. If not, find a new accountant. 

In Wyoming, I would consider Jackson Hole, and Cody as candidates for STRs being that they are gateways to Yellowstone National Park.