Operating LLC but home under my name

[Miranda M.]

Can I create an "operating LLC," keep the house in my personal name AND still be protected?

I ask because I just purchased a property in Austin, TX. In TX, we don't pay income tax. We pay property tax. To protect homeowners, you can file a homestead exception and it caps the amount it can raise each year. I want to rent out my primary residence on Airbnb when I'm out of town but don't want to expose myself to a lot of risk (if someone gets drunk and falls down the stairs for example). Is this a good way to protect myself? 

[Michael Platte]

You can, but there is no guarantee it will completely protect you. I see this often with financed rental properties. People will purchase them through a bank, but they cannot transfer the property to an LLC for fear that the transfer will trigger the acceleration clause in the mortgage. What I suggest is they create a management company LLC, and then have the lease between the management company LLC and the tenant. It provides some protection, but not as much as completely transferring a property into an LLC. So, you could do something similar if you're renting out your house on AirBNB.