Form a LLC to receive rental payment
Hi,
I am a first time landlord. I purchased a TN property not long ago (and I am a TX resident).
I didn't think of buying the property using an LLC. So I got the mortgage under my own name.
Now I spent sometime reading some articles and think I really should separate rental property income transaction from my personal transaction.
My questions are:
1. is it ok If I form up a LLC just to receive rental payment using the LLC bank account and pay property management company?
2. Do I must add the property to the LLC? There is a personal mortgage attached to the property and I don't think I can move it without paying it all off.
3. I am guessing I would need to form an LLC in TN for that property?
Any input is greatly appreciated.
Thanks