Updated almost 6 years ago on .
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Should we switch properties to LLC?
Hey all! I'm looking for some input. We currently own 3 rental properties across Texas, Virginia, and Washington State. They were all originally Owner occupied and then turned into rentals when we moved. I'm wondering if we should transfer them to a LLC to protect ourselves for if/when lawyers come a'knockin. Few questions: Does landlord insurance protect us enough? Will we lose our homestead exemption if the title is transferred? Does a LLC have to be formed in each state? Since a LLC is a pass through entity, can we use that income still to qualify for our next property as long as it's on our tax returns? In general, is it worth it?
Thank you in advance for your help!!