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.
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.