I've got a few questions. I just bought my first vacation home that will be used as a vacation rental when my family is not using it. The deed is under my husband and my name.
Should I create an LLC and put the deed under the LLC for liability protection? My biggest concern in doing this is that it could trigger something with my mortgage...I've read online that the lender could increase my rate.
What about if I just left everything as is and just buy a whole lot of insurance?
@Elle Kim LLC's are certainly popular. I have some properties in my name and an apartment building in an LLC. You might want to keep the property as currently and carry sufficient liability insurance. You should however have a separate bank account and CC for the property. It makes things easy at tax time. All the best and congrats on the rental.
Thanks, @Bjorn Ahlblad After reading about the pros and cons of LLCs, carrying extra liability insurance sounds like the step for me. Thanks for your input.