Rental Property Investor · Tacoma, WA · Member since 2014 · 46 posts · 11 votes
Currently contracted to purchase a property in Cleveland, Ohio, but live out of state in Washington. Looking at establishing a LLC and renting through that. Seeking an attorney in Ohio familiar with REI for guidance and advice.
Currently contracted to purchase a property in Cleveland, Ohio, but live out of state in Washington. Looking at establishing a LLC and renting through that. Seeking an attorney in Ohio familiar with REI for guidance and advice.
If it's a single member LLC there isn't much to it. You can just file for one of those yourself using the downloadable forms. https://www.sos.state.oh.us/businesses/
Thanks, James. It'd be my wife and me. That still a cake walk or does it start getting crazy with anyone else involved at all?
I suppose that's another can of worms all in itself. I am not an attorney so I don't won't to delve too deeply into this & provide you some bad advice. I'd imagine while you are married all the upside & downside is shared completely even as you are both together as one unit. So in that regard yes, still a cake walk. However where it'd get sticky is if you two were to get divorced down the road. Prenup or no Prenup, all your other assets, kids, that type of stuff.