Updated over 5 years ago on .
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LLC for rental property and property mgmt
Hey all,
I was curious to know when opening an LLC for a rental property, what the stipulations are. Do the names that are on the deed/title of the property have to match what's on the LLC?
For instance, if my parents own a rental property that they want to put in an LLC, can the LLC only include themselves? Or could we be part of the LLC as well without having to be added to the title/deed of the property?
The situation would be that my parents own a rental property and we would be 'acting' as property managers for it, so profit wise, we would get a % of profit from the monthly rental income (also are there any restrictions within an LLC in this context as far as what that % can be?)
TIA!