Garage Apartment Rentals - Need Advice from Experienced BP'ers!!!
Need some advice! Recently purchased a property with (2) garage apartments. 1 currently has a resident and the remaining apartment is being slightly renovated to make it suitable for rentals.
Being that I personally mortgaged the property, should/how can I set up the rental portion under an LLC?
What kinds of insurance riders will I need on the additional properties to cover the additional rentals/tenants?
What is the best lease term to set up the tenants on? I have heard many different arguments from month-to-month, 6 month, 1 year, etc.
The property has a pool/hot tub also that we wouldn't mind allowing access to the tenants, within reason. What additional forms should I have them sign or what stipulations should I place on the use of the pool/hot tub?
Also, would consider putting these up as AirB&Bs... What advice would apply to the AirB&B portion of this scenario or where would y'all point me for further reading, advice?