All Forum Posts by: Cass Hecker

@Curt, thank you very much for the detailed reply. 

I see what you mean, and went back and forth reading about LLC vs umbrella policy. Ultimately, LLC was the decision, based on portfolio size and expected growth. Books are kept accordingly, and operating docs created by an attorney.

What I understand is that more tax filings and record keeping is required if the LLC were designated as an S-Corp, and income is pass through with a QJV. State is Texas, and reporting would be for income/losses on held property. It seems that QJV, being somewhat limited in what type of "partnership" can qualify (spouses, filing jointly), and where (common law state), is not as common and therefore I haven't been able to find thorough info. on the pros & cons when compared with S-Corp. So far, it's a cost difference in tax filing fees and amount of bookwork, but I'd like to consider all pros/cons together. I am not an accountant, but agree with you that it helps to understand tax issues. In sum, I'm looking for input on QJV vs S-Corp, via personal experience or accounting knowledge that someone can add without having to dig deep. Thanks!

Anyone have experience designating your LLC (RE rental income/loss) as a qualified joint venture? I am interested in reading all pros and cons of QJV vs. S-Corp, apart from level of complexity of tax returns. Accountant isn't well versed in QJV. Community property state.

Thank you James. Good to hear, I’ll check Proper out! 

@ John, I sent you a PM

Much appreciated Harshad! I'll look into those, I used Foremost once briefly for a builders risk policy but never had a claim with them. They wouldn't write a policy on this STR because of a fire line but it qualified otherwise. Will check out the rest. Thanks!

Any referrals for insurance agencies that cover multiple states and can write a policy on second home/vacation rentals? Has anyone been able to do this without your primary home being through the same provider? Those of you STR pros working across states, which insurance agencies cover your properties? Prefer not to move primary and dwelling policies to cover an out of state STR, but current agency doesn't work across state lines. Many other insurance agencies I've talked to say they won't cover STR without covering primary as well.