Done researching and want to come to the most efficient strategy for handling rental properties. Here it is... w/ questions. 1) Put single family rental properties in their own Land trust 2) Have those land trusts OWNED by individual operating LLC's 3) Form a Holding company LLC that OWNS the operating LLC's 4) Open a bank account for the Holding LLC and direct vacation rental income to this account, then set up a million auto pays for bills, insurance, and any other real estate expense on the same account. Simple right? Yeah right. Working backwards- #1 Does the Holding co. OWN the income, thus protecting it from predator creditor scum trying to attack one of my operating LLC's? #2 Can this Holding co. be registered out of state like WY or Delaware and get a bank acct. (national) in Georgia where properties are located? #3 Can the operating LLC's also be set up out of state or need to be in the same state (Ga) as the properties? #4 Can I set these LLC's up all by myself and still retain anonymity (I understand I can't be the trustee for land trusts and so would need third party entity for that). #5 Does putting properties in a land trust/LLC mean I have to go back and now change the hazard insurance, and if so, how? #6 I'm hungry and my brain hurts so I'm gonna elavejlas ;ladsoipjohu
Updated 22 days ago
3) I think is wrong. This LLC MANAGES the operating LLC's.
What a novice. You haven't set up any shell companies in other countries.
Asset protection: Do things right and make sure everything is up to code. Have a high liability insurance policy. Talk to a lawyer about putting the assets under protective corporations.
Anonymity: From tenants? They don't care. Assets in one corporate name is probably good enough to stop their snooping. From people seeking a judgment against you. They'll find you in a a matter of hours regardless of how many corporations you run everything through.