Looking to rent out my property, best practices
Hi,
Am new to renting out my property in US.
I will be moving out of state from Santa Rosa, California, and need to rent out my property through a local property manager.
I am working on setting up an LLC, transfer the title to the LLC and then rent it out. The property is under a mortgage. So i will have to work with the lender as well - I did check with them, they do not seem to have any issues with it as i will still be the primary responsible person for the mortgage.
What do i need to keep in mind in the process? Is there anything i am missing? Should i rather hire someone to help me with this whole process. if yes should it be an real estate attorney or a CPA?
Any thoughts here will be helpful.
thank you in advance
Vijay
Most Popular Reply
@Vijay Anandh The first post nailed it. If you don’t have that much equity in the property or a huge amount of assets yet then you will be fine with the house in your personal name and lots of insurance and an umbrella policy. This is not legal advice.