Obtain a LLC or purchase property in my name

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BP , I have a question should I get a LLC when purchasing a rental property? Or should I purchase in my name. Does anyone have any knowledge in this area. Your help will be very appreciated thank you in advance.

Hi, William,

You'll want to have a good tax attorney / tax accountant on your team, hopefully the same person.

The idea of a business entity structure is primarily to facilitate asset protection.

You want to "control everything, own nothing" so as to be as unattractive a lawsuit target as possible.

You want to assure that a lawsuit from one property will not endanger others, or at least not a "large" portfolio of smaller properties.

You want to emplace a layer of protection between your entity structure and yourself personally, as well.

A qualified tax and legal professional can explain it (I'm not!). I can refer you, if you need one.