All Forum Posts by: Ganesh Rao

So the wife and I decided to start an LLC for purposes of shielding our identities (although I know it's not perfect) and limiting potential legal action. My question is the properties that we own are in our names. Do we have to transfer ownership to the LLC? For future property purchases are they made through the LLC? Thanks!

For a rental condo 2bd 1 ba, how much insurance coverage is too much? What's the minimum amount?

Just about to close on a third condo for rental property purposes. Any advice on the minimum type of homeowners insurance to get?

I have a great tenant in a condo who pays on time and is treating the place well. When in bought the place I was told there would need to be some work done on the unit. That work is extremely noisy and disruptive to the tenant's wife who works nights and sleeps during the day. She is getting no sleep and now the construction company needs access to the inside of the unit for a week or so. Any advice on how to handle this? Is it worth crediting the tenant some portion of the rent for the inconvenience?

Super helpful. Thanks so much for the detailed responses. I'm definitely using a tax professional.

Any one have experience with deducting rental expenses against ordinary income (not just rental income). I know there are rules regarding active versus passive investing and there is a cap (MAGI) but if one is over the cap, can nothing be deducted?