I am on the search for my second rental property. Is it time to form an LLC? What are some of the pros and cons to doing this. Anything helps.
@Joe Shepherd I am not an expert on this but I believe if you are using conventional mortgages they will not lend to an LLC.
Personally I don’t have enough assets yet to be too worried about financial liability and have structured myself to be covered with the insurance on my properties and a very solid umbrella policy, an additional $2 million. This would cover me for now and as I grow bigger I will look into something else for liability as I move into portfolio lending and business policies.
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