Commercial vs Residential Loan
1. What are the tax implications of being personally on the title of a home (along with 3 others) vs. through ownership of an LLC that holds the title? What has better tax benefits? Since this is a rental property, will we be taxed on any rental income directly yearly (based on percent ownership)?
2. Do tax benefits of rolling income from sale of rental real estate property into purchase of a new property still apply to holding partial ownership of a property individually and not through an LLC?
3. Are there any major liabilities we should be aware of that come with owning rental real estate property directly vs. through an LLC?
4. Is having 4 people on a mortgage possible?