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LLCs How many are needed in this scenario?
We are in the process of purchasing an investment property that has 3 rental units (2 residential apartments, 1 commercial unit). We are setting up an LLC for the physical real estate, an LLC for the rental management, but my question is... If we utilize the commercial space ourselves as tenants paying rent to the LLC rental management the commercial business should also be an LLC correct? If we rent the commercial space to someone else then we would only need the LLCs for the real estate and the rental management, correct?