Updated over 5 years ago on . Most recent reply
Using a second home as a rental
Hello All, I have a technical question. I am currently under contract for a property that I plan on buying as a second home. My plan is to rent it out for the first year to capitalize a bit and then fix it up, furnish it and turn it into a short term rental that I can use as well as my second home. My question is the following.
1) is this common or would I be doing something illegal by buying it as a second property but renting it out for the first 12 months?
2) I had planned to transfer it to a LLC, but given the above is it a better idea to keep it under my personal name?
can you please share thoughts and suggestions?
thank you