Rent Collection Advice

[Ali S.]

Ні,

My mother and I own two units in an apartment building. She owns one under her personal name and I owned the other unit in my own name. How should I set up our agreement for who the landlord is? Right now we have it where the agreements shows she's the landlord of her property and I'm the landlord of mine but wondering if there was a way to make it under one individual as the landlord? (without doing an LLC). I also want to start doing rent collection via software and apps like Baselane or apartments.com so l'm trying to figure out where to have two separate accounts or can I do everything under one account?

Thank you in advanced!

[Drew Sygit]

@Ali S. You could set up a PM LLC that both of you would "Hire" to manage your tenants. Only one bank account needed, but you'd have to track income & expenses to do transfer and year-end accounting.

As @Nathan Gesner mentioned, not really worth it.

You two could also open a joint bank account for collecting rent and pay expenses, just be sure to track everything.

Do NOT do what @Paul De Luca stated about transferring title! This will trigger tax consequences! Confirm with a tax professional if you'd like.