Can my LLC manage my personal properties??
I am seeking general guidance to ensure I set up the correct legal entities and comply with the laws.
I am very excited to be working on my first REI deal in Virginia. My close friend / business partner and I have teamed up to purchase a home. He will live in the home for at least a few years. After a few years we do intend to transfer the home into our LLC. For now, we are looking to have the LLC manage the property while the title and loan will be co-signed by each of us. He is a real estate agent, I am not.
Are we allowed to manage the property through an LLC even though it is split in out personal names?
Thanks in advance for all advice!