Garage Apartment Rental - Need help on details!
I have a 1 BR/1 Bath garage apartment partially detached from my personal residence. I need help on how to structure many aspects of the rental.
For instance, should I or can I establish an LLC to rent the unit under? What kinds of insurance would I need to carry? How would I report the income of the unit in a way that repairs, upgrades and other expenses can be written off?
There is not a washer/dryer in the apartment, but I do have a laundry room downstairs, however, it's the same one that my family uses and I would be a bit hesitant to allow the tenant to use that without certain time and frequency restrictions.
What about pricing for the unit? Is it comparable to a traditional apartment building unit or better because you don't have neighbors above and below you that could be a nuisance?
Any thoughts or help would be greatly appreciated...