@Jaycee Greene exactly that.

You’re doing exactly what you should be doing right now - soaking up knowledge and expanding your perspective.

So I wonder if there is a "canned" operating agreement that I could use for this type of purpose.

@Mike Klarman Exactly.

Quote from @Stacy Raskin: Many lenders would like a borrower to have an LLC opened since a business purpose loan.

Hey Patrick,This is a great question, and definitely something to get right when you're transitioning a property to a rental.When I started looking for the best way to handle rental income and expenses, I landed on Baselane, and it's been a fantastic solution for this exact scenario.

For 1031 purposes, the key requirement is taxpayer continuity — meaning the same taxpayer that sells must also be the one to buy.Since your current property is in your personal name, the replacement must also be purchased by you unless the LLC is a disregarded entity (like a single-member LLC where you’re the sole owner).

Please note, if there is any sort of loan on the property in question, you will likely be required to obtain the individual property insurance directly per the loan requirements anyway.Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice.

Disclaimer: This message is for educational and informational purposes only.

Those are the exact "deals" and people we have seen time and time again have everything blow-up in there face.