Using wife's LLC for rental property leasing
Hi All,
I recently acquired a property as an investment. The property is in my name, and I am paying the mortgage. Also, it is my very first rental property as well. I don't want to move the property to an LLC right now since I am looking for a refinancing opportunity when interest rates go down. I used my wife's LLC in the leasing document; rents are routed through my wife's LLC bank account. She is going to manage my property via her LLC. I have top three questions.
1. Do you know if this setup works temporarily? Is there any downside to it?
2. As I need to register this business with the state and county, should I need to register LLC as "531110 - Lessors of residential buildings and dwellings" (NIACS code) or something else?
3. How can my wife pass on the rent to me from the LLC's bank account?
Thanks,